The banking sector in Mauritius is governed primarily by the Bank of Mauritius Act 2004, the Banking Act 2004 and Regulations made thereunder.
The Bank of Mauritius Act 2004 establishes the Bank of Mauritius, the central bank of the Republic of Mauritius, as a body corporate with perpetual succession and sets out, inter alia, its primary and other objects, powers and functions. The Bank of Mauritius fulfils its functions independently as mandated by the Bank of Mauritius Act 2004. The Bank of Mauritius (Compoundable Offences) Regulations 2008 has been made under the Bank of Mauritius Act 2004.
The Banking Act 2004 sets out the framework for the licensing, regulation and supervision of banks and other financial institutions such as non-bank deposit taking institutions and cash dealers. The Banking (Processing and Licence Fees) Regulations 2015 were issued under the Banking Act 2004 in January 2016 and prescribe the processing and licence fees currently applicable to prospective and existing licensees.