The Central Bank of Mauritius issues €49 million in Treasury bills to boost savings
The Central Bank of Mauritius will issue Rs2 billion (€49 million) in Treasury bills to stimulate savings.The Central Bank of Mauritius will issue Rs2 billion (€49 million) in Treasury bills to stimulate savings.
As of Wednesday, July 23rd, the public will be able buy two new savings plans.
The Five-Year Government of Mauritius Savings Bonds will allow investors to earn six per cent fixed interest over a period of five years, while the Five-Year Government of Mauritius Index-Linked Saving Bonds will be offered at an interest rate
two per cent, which can vary according to inflation.
Purchasers are entitled to a maximum investment of 500,000 rupees per person.
This joint initiative by the Bank of Mauritius and the Ministry of Finance aims to "promote a culture of savings," according to a statement from the Ministry of Finance published by newspaper Le Mauricien.
The governor of the central bank, Rundheersing Bheenick, expects this measure will also serve as an example to banks that have lowered their savings rate.
"In the last quarter of 2013, two banks lowered their savings rate while the repo rate was left unchanged. This quarter, three other banks, one of which is the largest bank in the country, followed suit. Through this measure, it is hoped that the banks concerned will draw their own conclusions and adjust their rates," he said, quoted by Defimedia.
The bonds will be sold in post offices across the island as well as several commercial banks.