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Exporters plan currency equalization fund
07
Apr '10
The Mauritius Export Association (MEXA) intends to set up a Currency Equalization Fund (CEF).

Mukeshwar Gopal, the recently designated President of the MEXA, pointed out that, as the foreign currencies are getting volatile and this has stimulated the firm Mauritian currency versus the Euro, thus placing the major export markets of Mauritian enterprises amidst many uncertainties.

He further informed that MEXA with a view to lend a helping hand to export oriented industries is planning to establish CEF which would advance them loans at subsidized interest rates.

The weakening Euro and the escalating Mauritian rupee has negatively impacted the country's exports while laying much stress on the financial operators, Gopal said, and added that, the galloping rupee, has resulted in the Mauritian economy suffering a loss of around US $90 million.

He observed that in order to deal with such adverse situations, it is necessary to take firm decisions and also the textile industry should be considering African countries for exports.

Fibre2fashion News Desk - India

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