View source for Bank of Mauritius

{{Short description|Central Bank of Mauritius}}
{{Use dmy dates|date=January 2015}}
{{Infobox Central bank
| bank_name_in_local = 
| image = The Bank of Mauritius tower (in the centre).jpg
| image_title = [[Bank of Mauritius Headquarters (Port Louis)|Bank of Mauritius Tower]]
| logo = Bank of Mauritius logo.png
| logo_size = 175px
| image_2 = 
| image_title_2 = 
| ownership = 100% [[state ownership]]<ref name="dnbinfo">{{cite web |last1=Weidner |first1=Jan |title=The Organisation and Structure of Central Banks |url=https://d-nb.info/1138787981/34 |website=Katalog der Deutschen Nationalbibliothek|year=2017|format=PDF}}</ref>
| headquarters = [[Port Louis]], [[Mauritius]]
| established = {{Start date and age |1967}}
| president = [[Rama Sithanen]]
| leader_title = Governor 
| subsidiaries = Mauritius Invesment Coorperation (MIC) (OIC is Kreeti Devi Jugasing-Harrah
| bank_of = [[Mauritius]]
| reserves = 7,910.1 million USD (2022)
| currency = [[Mauritian rupee]]
| currency_iso = MUR
| borrowing_rate = 
| deposit_rate = 
| website = {{url|https://www.bom.mu/|bom.mu}}
<!--| telephone = +230 202 3800-->
| footnotes = 
}}

The '''Bank of Mauritius''' ({{langx|fr|Banque de Maurice}}) is the [[central bank]] of the [[Republic of Mauritius]]. It was established in September 1967 as the central bank of Mauritius. It was modelled on the [[Bank of England]] and was, in effect, set up with the assistance of senior officers of the Bank of England.

Amongst its responsibilities is the issuance of the Mauritian currency, the [[Mauritian rupee]].

==History==

===Previous namesake institutions===

In the 19th Century three separate commercial banks, now all defunct, operated under the Bank of Mauritius name.{{fact|date=June 2024}}

The first Bank of Mauritius started operations in 1813 or so, but survived only until 1825.{{fact|date=June 2024}}

The second Bank of Mauritius was a British overseas bank with two boards of directors, one in [[London]] and the other in [[Port Louis]]. It began operations in 1832 and favored the interests of the planter class.  In 1838 traders established [[Mauritius Commercial Bank]] to give themselves an alternative source of credit as until its establishment the Bank of Mauritius had a monopoly on the island.  The financial crisis of 1847 in London resulted in the collapse of the sugar market, and severe losses to both of Mauritius's banks.  Bank of Mauritius ceased business in 1848, though the [[Mauritius Commercial Bank]] has survived to the present.{{fact|date=June 2024}}

Local interests established the third Bank of Mauritius in 1894 to take over the local business of the failed [[New Oriental Bank Corporation]].  In 1911 the bank opened a branch in the Seychelles. However, in 1916 the [[Mercantile Bank of India]] (est. 1893) acquired the bank.  [[HSBC]] in turn acquired the Mercantile Bank in 1959.  Because of this history, HSBC refers to itself as the oldest foreign bank in Mauritius.  The next foreign bank to arrive, and to survive to the present, was [[First National Bank (South Africa)|National Bank of South Africa]], an ancestor of [[Absa Bank Mauritius Limited]] formerly [[Barclays Bank Mauritius]].{{fact|date=June 2024}}

In addition to the above three banks, a bank by the name of the Colonial Bank of Mauritius, Bourbon, and Dependencies, operated between 1812 and 1813.{{fact|date=June 2024}}

=== Board of Commissioners of Currency ===

The [[Board of Commissioners of Currency of Mauritius]] was established on {{date|1849-9-1}}, setting a template that would be emulated by numerous other [[currency board]]s in the [[British Empire]] and beyond.<ref>{{citation |url=https://sites.krieger.jhu.edu/iae/files/2017/04/Krus-Schuler_Currency_Board_Financial_Statements_2014.12.21.pdf |title=Currency Board Financial Statements |author=Nicholas Krus & Kurt Schuler |publisher=Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise |date=December 2014}}</ref>{{rp|174}} The duties of the Board were restricted to those of an issuing authority.

===Establishment and development===

The setting up of the Bank of Mauritius in 1967 marked the beginning of a new phase in the monetary history of Mauritius, with the monetary system moving forward from the currency board regime of Sterling Exchange Standard to a 'managed currency' in which the discretionary role of the monetary authority becomes important.

== Objectives of the Bank ==
The Bank of Mauritius Act 1966 (as amended) lays down the purposes of the Bank which are to 'safeguard the internal and external value of the currency of Mauritius and its internal convertibility' and to 'direct its policy towards achieving monetary conditions conducive to strengthening the economic activity and prosperity of Mauritius.'

The Bank has been set up as the authority which is responsible for the formulation and execution of monetary policy consistent with stable price conditions.  It also has responsibility for safeguarding the stability and strengthening of the financial system of Mauritius.

==List of governors by tenure==
{| class="wikitable" style="font-size:100;text-align:center"
! rowspan="2" |{{Abbr|No.|Number}}
! rowspan="2" |Name
! colspan="3" |Term of office
|-
!Took office
!Left office
!Time in office
|-
|1.
|[[Aunauth Beejadhur]]<ref>{{Cite web |date=2016-05-31 |title=Mr Aunauth Beejadhur |url=https://www.bom.mu/mr-aunauth-beejadhur |access-date=2024-06-04 |website=Bank of Mauritius |language=en}}</ref>
|July 1967
|December 1972
|5 years 5 months
|-
|2.
|[[Goorpersad Bunwaree]]<ref>{{Cite web |date=2016-05-31 |title=Mr Goorpersad Bunwaree |url=https://www.bom.mu/mr-goorpersad-bunwaree |access-date=2024-06-04 |website=Bank of Mauritius |language=en}}</ref>
|January 1973
|May 1982
|9 years 4 months
|-
|3.
|[[Indur Ramphul]]<ref>{{Cite web |date=2016-05-31 |title=Sir Indurduth Ramphul |url=https://www.bom.mu/sir-indurduth-ramphul |access-date=2024-06-04 |website=Bank of Mauritius |language=en}}</ref>
|June 1982
|March 1996
|13 years 9 months
|-
|4.
|[[Mitrajeet Dhaneswar Maraye]]<ref>{{Cite web |date=2016-05-31 |title=Mr Mitrajeet Dhaneswar Maraye |url=https://www.bom.mu/mr-mitrajeet-dhaneswar-maraye |access-date=2024-06-04 |website=Bank of Mauritius |language=en}}</ref>
|April 1996
|November 1998
|2 years 7 months
|-
|5.
|[[Rameswurlall Basant Roi]] G.C.S.K.<ref>{{Cite web |date=2016-05-31 |title=Mr Rameswurlall Basant Roi G.C.S.K. |url=https://www.bom.mu/mr-rameswurlall-basant-roi-gcsk |access-date=2024-06-04 |website=Bank of Mauritius |language=en}}</ref>
|November 1998
|December 2006
|8 years 1 month
|-
|6.
|{{Interlanguage link|Yandraduth Googoolye|no|Yandraduth Googoolye}} (acting governor)<ref>{{Cite web |date=2016-05-31 |title=Mr Yandraduth Googoolye |url=https://www.bom.mu/mr-yandraduth-googoolye |access-date=2024-06-04 |website=Bank of Mauritius |language=en}}</ref>
|January 2007
|February 2007
|1 month
|-
|7.
|{{Interlanguage link|Rundheersing Bheenick|no|Rundheersing Bheenick}} G.O.S.K.<ref>{{Cite web |date=2016-05-31 |title=Mr Rundheersing Bheenick G.O.S.K. |url=https://www.bom.mu/mr-rundheersing-bheenick-gosk |access-date=2024-06-04 |website=Bank of Mauritius |language=en}}</ref>
|February 2007
|February 2010
|3 years
|-
|8.
|{{Interlanguage link|Yandraduth Googoolye|no|Yandraduth Googoolye}} (acting governor)<ref>{{Cite web |date=2016-05-31 |title=Mr Yandraduth Googoolye |url=https://www.bom.mu/mr-yandraduth-googoolye-0 |access-date=2024-06-04 |website=Bank of Mauritius |language=en}}</ref>
|February 2010
|May 2010
|3 months
|-
|9.
|{{Interlanguage link|Rundheersing Bheenick|no|Rundheersing Bheenick}} G.O.S.K.<ref>{{Cite web |date=2016-05-31 |title=Mr Rundheersing Bheenick G.O.S.K. |url=https://www.bom.mu/mr-rundheersing-bheenick-gosk-0 |access-date=2024-06-04 |website=Bank of Mauritius |language=en}}</ref>
|May 2010
|December 2014
|4 years 7 months
|-
|10.
|[[Rameswurlall Basant Roi]] G.C.S.K.<ref>{{Cite web |date=2018-01-15 |title=Mr Rameswurlall Basant Roi G.C.S.K. |url=https://www.bom.mu/mr-rameswurlall-basant-roi-gcsk-0 |access-date=2024-06-04 |website=Bank of Mauritius |language=en}}</ref>
|December 2014
|January 2018
|3 years 1 month
|-
|11.
|{{Interlanguage link|Yandraduth Googoolye|no|Yandraduth Googoolye}}<ref>{{Cite web |date=2020-03-03 |title=Mr Yandraduth Googoolye |url=https://www.bom.mu/mr-yandraduth-googoolye-2 |access-date=2024-06-04 |website=Bank of Mauritius |language=en}}</ref>
|January 2018
|February 2020
|2 years 1 month
|-
|12.
|[[Harvesh Seegolam]] G.C.S.K.<ref>{{Cite web |date=2018-01-15 |title=Chairman |url=https://www.bom.mu/about-bank/board-of-directors/chairman-0 |access-date=2024-06-04 |website=Bank of Mauritius |language=en}}</ref>
|March 2020
|November 2024
|4 years and 8 months 
|-
|13.
|[[Rama Sithanen|Rama Krishna Sithanen]] G.C.S.K.
|November 2024
|(present)
|{{Age in years and months|2024|11|16}} and counting 
|}

== Online sales of commemorative coins ==
On 12 March 2008, the Bank of Mauritius launched the online sales of commemorative coins and Dodo Gold Coins to international buyers.<ref>{{Cite web |url=http://bom.intnet.mu/Ecommerce |title=Bank of Mauritius - The Central Bank of Mauritius<!-- Bot generated title --> |access-date=16 March 2008 |archive-url=https://web.archive.org/web/20080803062028/http://bom.intnet.mu/Ecommerce/ |archive-date=3 August 2008 |url-status=dead |df=dmy-all }}</ref>

==See also==
* [[Mauritian rupee]]
* [[List of banks in Mauritius]]
* [[Economy of Mauritius]]
* [[List of central banks of Africa]]
* [[List of central banks]]
{{Portal|Banks}}

==References==
{{Reflist}}

==External links==
*[https://www.bom.mu/ Official website]
*[https://www.sfconsultingbd.com/blog/banks-of-mauritius/ Details view on the banks of Mauritius, offers & special services]

{{Authority control}}
{{Central banks by country}}

[[Category:Central banks|Mauritius]]
[[Category:Companies based in Port Louis]]
[[Category:Banks of Mauritius]]
[[Category:1967 establishments in Mauritius]]
[[Category:Banks established in 1967]]
[[Category:Financial regulatory authorities of Mauritius]]