Mauritius Cuts Rates by Biggest Margin Since 2012 on Brexit
- Central bank reduces key rate by 40 basis points to 4 percent
- U.K. accounts for 12 percent of nation’s exports, tourists
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The Bank of Mauritius reduced its benchmark interest rate by the biggest margin in more than four years, saying Britain’s decision to leave the European Union has damaged the Indian Ocean island nation’s growth outlook.
The Monetary Policy Committee unanimously decided to lower its benchmark rate to 4 percent from 4.4 percent, Governor Rameswurlall Basant Roi told reporters Wednesday in the capital, Port Louis. The gauge had remained unchanged since November 2015, when it was lowered by 25 basis points, the first reduction in more than two years.