the depreciation/devaluation of the Mauritian Rupee since 2014, he will – (a) state the number of times the…
(No. B/49) Mr R. Jhummun (Second Member for Rivière des Anguilles & Souillac) asked the Prime Minister, Minister of Defence, Home Affairs and External Communications, Minister of Finance, Minister for Rodrigues and Outer Islands whether, in regard to the depreciation/devaluation of the Mauritian Rupee since 2014, he will – (a) state the number of times the relevant Authorities have intervened thereon, and (b) for the benefit of the House, obtain from the Bank of Mauritius, information as to the amount of foreign currencies injected in the market to regulate same, indicating – (i) the source of such foreign currency reserve, and (ii) if any shortage thereof is still prevailing in the market.
Madam Speaker, with regard to part (a) of the question, I am informed by the Bank of Mauritius that over the period December 2014 to November 2024, the Bank intervened in the domestic forex market on 142 occasions. Concerning part (b) of the question, over the same period, the Bank of Mauritius has injected a total of USD 3.6 billion in the forex market.
32 As regards part (b) (i) of the question, the injection of foreign currencies was effected through the use of the official foreign currency reserves at the Bank of Mauritius. In other words, they depleted the reserves. Madam Speaker, as regards part (b) (ii) of the question, one of the priorities of this Government is to have a stable rupee and an adequate supply of foreign currencies in the market. The Bank of Mauritius is monitoring the situation on the domestic foreign exchange market closely, and I am informed that it has already started to implement several measures to address the persisting distortions prevailing in the forex market in order to ensure adequate supply of foreign currencies.
I have just two minutes left. We can have a try. Hon. Third Member for Grand’ Baie & Poudre d’Or! ECONOMIC SITUATION – DEBT BURDEN – REIMBURSEMENT MECHANISM