Day: 7th August 2021

The Key Repo Rate remains unchanged

Posted by APEC on in Press

The Monetary Policy Committee (MPC) of the Bank of Mauritius (Bank) on 4th July 2021 unanimously decided to keep the Key Repo Rate (KRR) unchanged at 1.85 per cent per annum.

The International Monetary Fund (IMF) has, in its July 2021 World Economic Outlook (WEO) Update, maintained its 6.0 per cent global growth forecast for 2021. For 2022, the global economy is projected to grow by 4.9 per cent, up from the April 2021 WEO forecast of 4.4 per cent. Risks to the global growth forecast are tilted to the downside. Widespread disparities among countries and regions are expected to persist.

The recovery of the domestic economy is expected to gain momentum with the re-opening of borders for international travel. Improving external demand, accommodative monetary policy conditions and the government’s support measures are also expected to revitalise economic activity. Bank staff projects real GDP growth of 5.5 per cent for 2021.

Protecting consumers

Posted by APEC on in Environment, Press

Protecting consumers

In the endeavor to protect the consumers, the Government ensured that importers, distributors and retailers do not bear the brunt of this measure. As a result, this Government is providing a subsidy to the importers and distributors through the Mauritius Revenue Authority. This price control measure is estimated to cost around Rs 500 million and is fully funded by Government.

Officers of the Consumer Affairs Unit of my Ministry are effecting daily visits to trade premises and are inspecting supermarkets, hypermarkets, shops and warehouses. The products under price control are available on the local market and no shortage is foreseen.

In addition, the MRA has also made arrangements for any licensed retailer who still had in his possession a remaining stock of the seven commodities as at 12 July 2021 to apply for the subsidy only for the month of July 2021. As at 29 July 2021, 14 eligible traders have been registered under this scheme.With respect to payment of subsidy, the eligible traders shall be able to make their applications as from 2 August 2021.

The Consumer Affairs Unit has effected 1,435 visits and issued a total of 119 contraventions as at 29 July 2021. These contraventions include offences where traders did not properly affix the prices of products and where they were practicing a price which is higher than that fixed by my Ministry. No case of hoarding has been found and therefore no trader has been contravened for same.