The Bank of Mauritius is established as the central Bank of Mauritius under the Bank of Mauritius Act dated 15th October 1966 (as amended). The Bank is an independent institution with its own legal personality and tables its report to the National Assembly.
The Bank of Mauritius Regulates and supervises banking institutions and non-bank deposit taking financial institutions under the provisions of the Banking Act 1988 and the Bank of Mauritius Act. Money changers and foreign exchange dealers also fall under the purview of the Bank of Mauritius in accordance with the provisions of the Foreign Exchange Dealers Act 1995.+
The regulatory and supervisory functions exercised by the Bank include:
• The processing of applications for banking licences as well as authorizations for non-bank deposit-taking activity, money changers and foreign exchange dealers;
• Issuing of prudential regulations to be observed by authorized institutions; and
• Carrying out on-site inspection and off-site surveillance of such institutions.
In line with best international practice, the Bank is committed to the implementation of the 25 Core Principles for Effective Banking Supervision set by the Basel Committee on Banking Supervision (BCBS). The Core Principles provide an internationally agreed framework for effective banking supervision. Furthermore, the Bank of Mauritius forms part of the Offshore Group of Banking Supervisors and the Eastern and Southern Africa Banking Supervisors Group.
During 2002-2003, the Bank continued to reinforce the regulation and supervision of banks and the deposit taking activity of non-bank financial institutions. In this respect, the following Guidelines and Guidance Notes were issued to the banking sector:
1. Guidelines on Transactions or Conditions respecting Well-being of a Financial Institution reportable by the External Auditor to the Bank of Mauritius;
2. Guidelines on Public Disclosure of Information; and
3. Guidance Notes on Anti-Money Laundering.
For further information, please contact:
Bank of Mauritius
Sir William Newton Street Port Louis