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Mauritius central bank keeps key rate at 3.50%

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Mauritius central bank keeps key rate at 3.50%

The Bank of Mauritius on Feb. 28 left its key repo rate unchanged at 3.50%.

Headline inflation edged up to 4.0% in January, and is projected to hold at about that level in 2018 and slip to 3.7% in 2019.

Mauritius' domestic economy expanded by 3.6% in the third quarter of 2017, following a 4.2% growth rate in the prior period. The expansion was supported by growth in investment activity and a relatively stable final consumption expenditure, the central bank said.

Real GDP is estimated to grow 4.0% in 2018 amid expectations of a sustained economic recovery for the year.

The central bank said it has been conducting open market operations to "mop up the excess liquidity and address the disconnect between money market rates and the KRR."

It added that it will continue to conduct sterilized foreign exchange market intervention.