1.
The Bank of
Mauritius reduced, with effect from 30 May 2001, the Lombard Rate by half a
percentage point from 12.5 per cent to 12.0 per cent per annum against a
background of relative stability in the domestic inflation rate, which stood at
4.2 per cent during the period December 2000 to April 2001, and a general
decline in interest rates in major international financial markets.
2.
Following the
reduction in the Lombard Rate, commercial banks announced a lowering by half a
percentage point in their prime lending rates and their savings deposits rates.
Bank of Mauritius
30 May 2001