Tuesday, November 24, 2020

Mauritius postpones Nov. 25 monetary policy meeting

     The central bank of the Indian Ocean island of Mauritius has postponed its scheduled Nov. 25 meeting of its monetary policy committee, saying a new date will be communicated in due course.
     The Bank of Mauritius (BOM), which maintained its rate at its last meeting in September, made the brief announcement in a statement on its website on Nov. 24 but gave no reason for the postponement.
     BOM has cut its benchmark repo rate twice this year by a total of 150 basis points to 1.85 percent and in September it lowered its forecast for gross domestic product this year to a contraction of 13 percent from its July forecast of a 12.5 percent contraction due to weaker demand for its exports.
     In the second quarter of this year, Mauritius' GDP shrank by a a record 32.5 percent year-on-year after a 2.0 percent contraction in the first quarter while inflation rose to 3.2 percent in October from 2.6 percent in the previous month.
     BO has forecast inflation of around 2.5 percent in both 2020 and 2021.
     Mauritius' economy grew 3.6 percent in 2019 and for 2021 BOM forecast growth of 7.5 percent. 


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