Bank of Mauritius survey shows rise in monetary base & higher net foreign assets
The monetary base rose mainly on the back of increase in Rs 1.70 billion for liabilities to Other Depository Corporations on a monthly basis followed by the increase of liabilities to other sectors by Rs 8.1 million, while currency in circulation dipped by Rs 156.20 million. (Image: orange.mu)
The Mauritius central bank published the Bank of Mauritius survey for the month of February 2015, which showed a rise in the monetary base by Rs 1,533 million, or an increase of 2.3% over January 2015, from Rs 68,888 million at end-January 2015 to Rs 70,441 million at end-February 2015.
This rise on a month-on-month basis reflected mainly an increase in Liabilities to other depository corporations.
On a year-on-year basis, the annual growth rate of the monetary base was 9.9% in February 2015 compared to 17.4% in January 2015.
The monetary base rose mainly on the back of increase in Rs 1.70 billion for liabilities to Other Depository Corporations on a month-on-month basis, followed by the increase of liabilities to other sectors by Rs 8.1 million, while currency in circulation dipped by Rs 156.20 million.
On the sources side of the monetary base, net foreign assets are estimated at Rs 126.04 billion, indicating an increase of 16.5% on a monthly basis. This was mainly driven by lower deduction on liabilities to non-residents amounting to Rs 86.5 million, while the other component of ‘claims to non-residents’ contributed lower for this month, with a 4.9% dip.
Domestic assets are disaggregated as Claims on Other Depository Corporations, Net Claims on Central Government, and Claims on Other Sectors.
Claims on other sectors and Net Claims on Central Government amounted to Rs 126 million and – Rs 22.3 billion respectively.
In addition, securities other than shares included in broad money amounted to Rs 3.13 billion, deposits excluded from broad money amounted to Rs 58.1 million and Rs 0.9 million for securities other than shares excluded from broad money.
Finally, central bank data also showed that shares and other equity – which is essentially equity capital and reserve complied by the bank consisting of equity, general and special reserves – stood at the level of Rs 18.32 billion.