First meeting of the Financial Stability Committee set up under the BoM Act

The Financial Stability Committee, set up under section 55A of the Bank of Mauritius Act, met on 15 November 2016 under the Chairmanship of the Minister of Finance and Economic Development, Mr Pravind Jugnauth.

The object of the Financial Stability Committee is to regularly review and ensure the soundness and stability of the country’s financial system.

Were also present, the Minister of Financial Services, Good Governance and Institutional Reforms, Mr. Roshi Bhadain, the Governor of the Bank of Mauritius, the Financial Secretary, the Acting Chief Executive of the Financial Services Commission and the Director of Financial Intelligence Unit.

The Committee reviewed the actions taken to ensure financial stability including the implementation of the recommendations made in the Financial Sector Assessment Programme (FSAP) Report 2015. It further took note of the progress made in the drafting of the Deposit Insurance Scheme Bill and the National Payment System Bill.

The Committee expressed satisfaction regarding issues on financial stability that are being dealt in an effective manner by the concerned authorities. Minister Jugnauth stressed that Mauritius needs to further strengthen capacity for managing risks to financial stability especially in the face of uncertainties such as Brexit.

In the margin of the meeting, a Technical Working Group has been set up to prepare a comprehensive paper on the reforms to strengthen the organisational structure underlying the financial stability system and to report on progress in the implementation of the FSAP recommendations for the next meeting of the Financial Stability Committee.