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Communiqué: Bank of Mauritius leaves the Key Repo Rate unchanged

Released at 18.00 hours on 29 September 2008, Bank of Mauritius

The Monetary Policy Committee (MPC) of the Bank of Mauritius has voted in a split decision to leave the key Repo Rate unchanged at 8.25 per cent per annum at its meeting held today. The MPC reviewed the risks to the inflation and growth outlook as well as recent economic and financial developments, both on the domestic and international fronts, before reaching the decision. The MPC noted that global growth prospects had further weakened since the MPC last met. The MPC was of the view that inflation was clearly excessive and the upside risks were serious but, in the opinion of the majority of members, less pressing than the downside risks to economic growth. Furthermore, the MPC took note of the tightening of domestic monetary conditions resulting from the increase in the cash reserve ratio in August 2008 which it considered was appropriate.   

The Bank of Mauritius will issue a Monetary Policy Statement at 13.00 hours on Monday 6 October 2008.