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Communiqué: Money-Changer Licence

17 July 2008, Bank of Mauritius

1. The Bank hereby announces that it has been decided to licence more moneychangers. It has accordingly approved fourteen (14) applications for moneychanger licence. The public will be informed when the individual applicants commence operations.

2. The decision to invite more players in the foreign exchange market has been motivated, inter alia, by the following factors:

(i) The increasing number of tourist arrivals in the country;

(ii) Greater integration of the economy with the rest of the world;

(iii) The need to provide competitive rates;

(iv) Improving the general service to the public.

3. With a view to avert any associated risks, the licences will be delivered under strict regulatory and supervisory conditions, including the provision, online, to the Bank of information on the operations of money-changers.