Featured Product

    BoM Extends Certain Measures Under COVID-19 Support Program

    July 08, 2020

    BoM announced the extension of specific measures under its COVID-19 support program to continue to support Mauritian businesses across all economic sectors. BoM has extended the repayment period under Specific Relief Amount to meet cash flow and working capital requirements. In addition, BoM has increased the amount for swap arrangement to support import-oriented businesses and has raised the amount of special foreign currency (USD) line of credit to banks for funding purposes.

    BoM introduced a Special Relief Amount of MUR 5 Billion, in March 2020, to meet cash flow and working capital requirements of economic operators that are being directly impacted by COVID-19 pandemic. This Special Relief Amount is being made available through commercial banks till September 30, 2020, to all sectors of activities impacted by COVID-19, including small and medium-size enterprises (SMEs). BoM is capping interest on these advances to the impacted economic operators at a fixed rate of 1.5% per annum. The repayment period is being extended from 30 months to 48 months, with a moratorium period of up to 9 months.

    Additionally, BoM had introduced, in March 2020, a USD/MUR swap arrangement with commercial banks for an initial amount of USD 100 million. This arrangement aims to enable commercial banks to support import-oriented businesses, except for the State Trading Corporation, which will be dealing directly with BoM for its foreign currency requirements until further notice. BoM has increased the amount for swap transactions by an additional USD 100 million. This facility, which was initially effective until June 30, 2020, will now be available to banks for the next six months. In addition, BoM has now raised the amount of the foreign-exchange line of credit to banks for funding purposes, from USD 300 million to USD 500 million. The additional amount will be available to banks for the next six months. The facility will be repayable one year from the effective date of disbursement.

     

    Related Link: Press Release

     

    Keywords: Middle East and Africa, Mauritius, Banking, COVID-19, SME, Credit Risk, Loan Moratorium, BOM 

    Featured Experts
    Related Articles
    News

    EBA Proposes Guidelines for Establishing Intermediate Parent Entities

    EBA issued a consultation paper on the guidelines on monitoring of the threshold and other procedural aspects of the establishment of intermediate EU parent undertakings, or IPUs, as laid down in the Capital Requirements Directive.

    January 15, 2021 WebPage Regulatory News
    News

    EC Adopts Financial Reporting Changes Arising from Benchmark Reforms

    EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.

    January 14, 2021 WebPage Regulatory News
    News

    BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk

    BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.

    January 14, 2021 WebPage Regulatory News
    News

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Technical Package on Reporting Framework 3.0

    EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.

    January 14, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets

    APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Publishes Risk Dashboard for Third Quarter of 2020

    EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro

    ECB concluded the public consultation on the introduction of a digital euro in EU.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro

    ECB concluded the public consultation on the introduction of a digital euro in EU.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Finalizes Guide on Supervisory Approach to Bank Consolidation

    ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.

    January 12, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6432