Mauritius | Finances

February 26, 2013

Celebrating Spring Festival: Barclays Announces the Commencement of Trading in Renminbi

Barclays Mauritius will soon launch in transactions denominated in Renminbi, Chinese currency, announced Dajee Ravin, Managing Director of the bank, at a reception Friday evening at La Pirogue, in honor of clients in the community Sino-Mauritian part of the Spring Festival.

"It is a fact that things are moving towards more particularly China," said Ravin Dajee in the presence of hundreds of guests, including commercial counselor of the Chinese Embassy in Mauritius Heliang Wang, and Chief Executive of the Financial Services Commission, Clairette

Ah-Hen. In the aftermath, the Managing Director of Barclays Maurice was announced that the bank will start very soon transactions in renminbi, hoping that its customers take advantage of investment opportunities that are available through the new service. Dajee a ravine at the beginning of his speech, pointed out that Barclays is honored by the trust placed in it by members of the Sino-Mauritian community, saying that among them are many who have opened accounts with the bank soon implementation thereof in Mauritius at the beginning of the last century.

Referring to Chinese astrologers forecast, Ravin Dajee said the year of the Snake symbolizes optimism and will be marked by opportunities. It recognizes, however, that the global economic recovery will be slower than expected and despite measures to reduce risks in the euro area, the recovery will be delayed while in Japan, it will take further measures to boost growth in an economy in recession. As for emerging economies, a modest recovery is expected.

Barclays has continued Ravin Dajee, still keeps optimistic about its performance this year. Echoing the Group Chief Executive to the effect that "we are starting from a position of strength," said Ravin Dajee in 2012, the group recorded revenues of more than 7 billion pounds and that strives to implement its strategy of global bank reference. The Managing Director of Barclays was still referring to criticism that the group had to endure in the wake of what he calls the "LIBOR scandal" but argued that bold steps were taken to review the way whose affairs are managed within the banking group.

"Our roadmap to Become the Go-To Rests on a bank Fundamental pillar: that of a new mindset based on our new Values and Behaviours. They are Respect, Integrity, Service, Excellence and Stewardship, "he said. These values continued Ravin Dajee can also be considered as standards under which subjected the entire staff for Barclays to serve customers and other stakeholders of the company. Dajee a ravine, in the process, announced that the Bank will continue to support small and medium enterprises and to play a leadership role in community development. Future initiatives of the bank in the area of CSR (Corporate Social Responsibility) will be grouped under the title "Empowering the Next Generation", targeting, among others, those in the age group 18-35. These actions will be primarily in the areas of education / training, financial awareness and the development of entrepreneurship.

Clairette Ah-Hen praised the role of Barclays in the economy of the country since the beginning of its operations in 1919 and showed that banks in general are an integral part of the financial system. A well-functioning financial system is to channel savings into the productive sector. "No company can not develop without the support of banks," said Clairette Ah-Hen, who welcomed the collaboration between the two financial sector regulators, namely the Bank of Mauritius for the banking sector FSC and the non-banking sector.

However, emphasized Clairette Ah-Hen, maintaining the good reputation of Mauritius as a financial center depends not only regulators but all operators in the financial sector. The CEO of the FSC has suggested that the financial intermediation sector is 10% of GDP in Mauritius and is an important pillar of the national economy. According Clairette Ah-Hen, a long way has been covered to create a stable investment climate in Mauritius and to transform the country into a financial hub.

 

Text by Le Mauricien
 

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