BOM invites CIM Finance to to make its entry in the banking sector

13 years ago - March 25, 2011

The governor of the Bank of Mauritius (BoM), Rundheersingh Bheenick has proposed to CIM Finance to make its entry in the banking sector because of its continuous progress in the finance sector.

This was stated during the official launch of three Visa credit cards of CIM Finance at the Château de Labourdonnais in Mapou on Wednesday.

“We have closely followed the progress of CIM Finance, which has greatly progressed over time. It is an institution which grew at a torrid pace and to the point where I think it can now venture into the banking sector,” the BoM chief said.

However, the interlocutor has mixed feelings concerning the introduction of three credit cards. “We cannot prevent development, but the fact is that our population does not have enough ‘financial literacy’ to use credit cards only instead of cash,”he explained.

“This represents a risk because users can easily get into debt if, for example, they do not pay on time,” he said, citing the situation in the United States.

The governor of the BoM has not given any indication concerning the decision to be made on Monday regarding the repo rate.

He also said that the current situation on the international market has a direct impact locally, and leading to high inflation.

Bheenick also expressed his wished that the political crisis in Libya comes to an end as soon as possible so that the price of petrol does not continue to increase.

Address by Mr Rundheersing Bheenick on 23 March 

 

Text by the Independent

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