Mauritius | Finances

October 03, 2013

BoM Makes War on Liquidity Excess

BoM Wednesday took two decisions aimed partly to raise the Cash Reserve Ratio (CRR) deposits denominated in rupees. And secondly, to reduce the CRR on deposits in dollars, euros and pounds sterling.

Raising the CRR on deposits in rupees is mainly to absorb excess liquidity in the banking system and curb inflation. While lowering the CRR on deposits in foreign currency should encourage individuals and businesses to borrow more in these currencies. And also to convert their deposits in foreign currency in rupees where the interest rate is lower than rupee loans.

Thus, the CRR on deposits in rupees (fortnightly average) from 7% to 8%, while in parallel, the CRR on foreign currency deposits from 7% to 5%.

 

 

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