The Bank of Mauritius (BoM) published its financial stability report and reviewed the global and domestic macro-financial developments and analyses potential risks to the financial system stability.
During the first semester of 2011, corporate credit fell but a gowth of 7.6 per cent on an on average was noted. This was higher than the corresponding period of 2010. The subdued growth in the corporate sector is attributed to the low level of private sector investment.
Therefore, clear cut evidence suggests that the corporate sector have not gained its pre-crisis momentum. Loans granted to the housing sector grew by 15, per cent at the end of June in comparison to 14.9 per cent in the corresponding period of 2010. The growth in housing loans continues to be the main driver of household credit growth and expansion in personal and professional loans covered education expenses as well as the purchase of vehicles.
The growth in credit card advances has been volatile. The survey reveals that around 50 per cent of households were indebted to banking or non-banking institutions in 2010.
The stock market rose by 5.5 per cent over the period under review despite facing a setback on account of rising global risk aversion as a result of following geopolitical developments. However, gains in the stock market in March were largely driven by share price increases in banking and non-blue chips stocks.
The banking sector comprised 20 banks that were doing business on the island at the end of June 2011. Out of these, eight are domestically owned while seven are subsidiaries of foreign banks and five are branches of international banks. A new entrant joined the banking sector in March 2011 to conduct Islamic banking services.
Since June 2010, the concentration in the banking sector in terms of loans, deposits and assets has not changed radically. The Herfindahl-Hirschmann Index, which measures the degree of market concentration, remained at about the same level when computed for loans.
The insurance sector makes up about one-third of the total assets, which decelerated to 5.4 per cent in 2008 but picked up in 2009 to 18.1 per cent before easing again to 6.1 per cent in 2010.
« Il est le candidat idéal », commente Vishnu Lutchmeenaraidoo, en conférence de presse mardi 30 décembre, pour expliquer le choix du gouvernement de nommer Ramesh Basant Roi au poste de gouverneur de la Banque de Maurice (BoM).
6 years, 9 months ago