What is the central bank of Mauritius, established in 1967 before the country’s independence?

The Bank of Mauritius is the central bank of Mauritius, established in 1967 before the country’s independence.

The institution was created under the Bank of Mauritius Ordinance of 1966 and began operations in 1967. Mauritius became independent from the United Kingdom in March 1968, so the bank was already operating when the new country assumed control of its domestic institutions. Its headquarters are in Port Louis.

The Bank of Mauritius issues the Mauritian rupee and conducts monetary policy. It also manages official foreign-exchange reserves, regulates banks, and promotes the soundness of the financial system. The bank’s responsibilities expanded as Mauritius developed from a sugar-producing economy into a diversified financial and services centre.

The Mauritian rupee is different from the Indian rupee, although both currencies use the word “rupee.” Another common confusion is between the central bank and the Mauritius Commercial Bank, which is a commercial institution. The Bank of Mauritius serves as the monetary authority for the entire island nation.