Exciting developments are happening in Mauritius this week! First off, the country has made significant strides in reducing its carbon footprint, as announced by the Minister of the Environment. Additionally, the Mauritian rupee is increasing in value, thanks to the monetary policies of the Bank of Mauritius. Furthermore, there's promising news for the tourism sector.
Carbon footprint reduction in Mauritius
Mauritius has achieved a remarkable reduction in its carbon footprint, going from eight tonnes in 2013 to a mere 1.81 tonnes last year. Minister for the Environment, Kavy Ramano, shared this news during an event commemorating World Ozone Day at Port-Louis Town Hall. The Minister expressed gratitude to the private sector, NGOs, and civil society for their efforts in helping the government reach this carbon reduction target. He also emphasized the significance of the Montreal Protocol, initiated in 1987 in response to the discovery of the ozone layer hole over Antarctica in 1985.
The Bank of Mauritius works to strengthen the Mauritian Rupee
The Bank of Mauritius continues to implement its strategy of bolstering the value of the Mauritian rupee, with a recent intervention in the foreign exchange market on September 27th. For the month of September, the Bank of Mauritius has already injected a total of USD 100 million into the domestic foreign exchange market. The first two interventions this month, which took place on September 6th and 13th, saw the Central Bank selling $25 million at rates of Rs 45.15 and Rs 44.80 per dollar, respectively. On September 27th, the Bank intervened once again, selling $25 million at a rate of Rs 44.50 per dollar. Before this intervention, Swan Securities had noted a slight increase of 0.07% in the dollar-to-rupee exchange rate, bringing it to Rs 45.18. However, compared to the Bank of Mauritius' previous intervention on September 21st, when the same amount of $25 million was sold, the Mauritian rupee gained 15 cents, settling at a rate of Rs 44.65.
Tourism boom: Two million tourists in two years
Mauritius has welcomed a total of 2 million tourists in the past two years since reopening its borders after the COVID-19 pandemic. Minister of Tourism, Steven Obeegadoo, shared this exciting news during a press conference at the Labourdonnais Waterfront Hotel. This encouraging progress has been warmly received by stakeholders in the tourism industry, who anticipate further growth in 2023, with over 900,000 arrivals in the last 9 months alone. The tourism industry continues to be a crucial pillar of the Mauritian economy, contributing to around 55% of its economic expansion.
