Mauritius’ tourism earnings grew 11.5% to Rs 35.93 bn for 10 months to Nov 2014
Tourist arrivals grew by 5.1% during the ten-month period of 2014 to stand at 826,950, mainly driven by visitors from Europe and Asia, with 9.0% and 17.2% growth respectively. (Image: turizmtatilseyahat)
Mauritius’ tourism earnings saw a rise of 11.5% over the ten-month period from January to October 2014 to hit Rs 35.93 billion against Rs 32.23 billion for the corresponding period in 2013, according to the monthly statistical bulletin for November 2014 by the Bank of Mauritius.
The document released by the central bank of Mauritius also showed that gross tourism earnings rose to Rs 3.70 billion in October 2014 from Rs 3.13 billion in October 2013, representing a growth of 18.5%.
Tourist arrivals grew by 5.1% during the ten-month period of 2014 to stand at 826,950, mainly driven by visitors from Europe and Asia, with 9.0% and 17.2% growth respectively.
However, the report noted that inflation has eased further in November 2014. While the year-on-year inflation dropped from 1.9% in October 2014 to 0.9% in November 2014, the headline inflation fell from 3.8% to 3.5% over the same period.
The core measures of inflation remained at moderate levels in November 2014.
In addition, monetary aggregates grew at a strong pace through October 2014. Monetary expansion, measured by the year-on-year growth rate of Broad Money Liabilities (BML), picked up for the third consecutive month and stood at 10.3% in October 2014, while growth in banks’ credit remained subdued.
The annual growth rate of the monetary base, which was 25.4% in October 2014 compared with 27.1% in September 2014, reflected mainly increases in liabilities to Other Depository Corporations (reserve deposits) and currency in circulation.
Concerning the auctions of Government of Mauritius Treasury Bills (GMTBs) held in November 2014, they were oversubscribed with the bid cover ratio ranging between 2.4 and 4.7, showing the high level of excess rupee liquidity prevailing in the banking system.
The central bank informed that during November, only three maturities of GMTBs were issued.
The weighted yield on the 182-Day GMTB increased, while the weighted yields on the 273-Day and 364-Day GMTBs fell.
The overall weighted yield on GMTBs decreased to 1.44% in November 2014, from 1.47% in October 2014.
The auctions for the benchmark Three-Year GoM Treasury Notes (Re-opening) and the FiveYear GoM Bonds were also oversubscribed, with both issues having bid cover ratios of 3.6.
The weighted average dealt selling rates of the rupee depreciated, on average, against the US dollar but appreciated against the euro and Pound sterling between October and November 2014.
In November 2014, the rupee exchange rates against the USD averaged Rs 31.61 per USD, compared to Rs 31.451 per USD in October 2014.
On the other hand, the rupee exchange rates against the euro and Pound sterling averaged Rs39.470 per EUR and Rs50.004 per GBP in November 2014 compared to Rs 39.925 per EUR and Rs 50.721 per GBP, respectively, in October 2014.
The rates are calculated based on transactions of US$30,000 and above, or the equivalent in other foreign currencies, conducted by banks and foreign exchange dealers.
Furthermore, the gross foreign exchange reserves of the Bank of Mauritius got down to Rs 117.68 billion at the end of November 2014, from Rs 119.55 billion as at end-October 2014.
Finally, the end November 2014 saw the level of gross official international reserves of the country, based on the value of imports of goods (fob) and non-factor services for the year 2013, represented 6.0 months of imports, unchanged from end-October 2014.