Pursuits
Brexit Set to Dent Mauritius’ Textile Exports as Rupee Gains
- About 18% of nation’s total shipments destined for the U.K.
- Almost 90% of those exports are paid for in British pounds
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The U.K.’s decision to exit Europe’s common market could hurt Mauritius’ apparel export earnings by about a 10th, in line with the rupee’s appreciation against the pound.
The Indian Ocean island nation’s central bank cut its benchmark rate by 40 basis points last week, saying Brexit had damaged its growth outlook for the $11.5-billion economy. The European country accounts for 12 percent of Mauritius’ tourists, Governor Rameswurlall Basant Roi said.