Home / Knowledge / News / Textiles / Mauritius exporters demand shift in monetary policy
Mauritius exporters demand shift in monetary policy
09
Aug '10
Last week, Mauritius-based exporters addressed the Indian Ocean Island's central bank to knock a full point of interest rate in order to improve investment, save jobs and help its economy recover.

Textile products lead the country's export businesses, totalling for 65 percent of the sector's net sales, supplying key European high street retailers, including Next, Marks & Spencer from Britain and Spain-based Zara.

Since the rupee has strengthened quite sharply as against the Euro, exporters are demanding a shift in the monetary policy.

As per members of Mauritius Exports Association, they can no longer wait, as they have already witnessed lay-offs in the textile segment. Since, the value of currency is determinant, and Mauritius' competitors maintaining their currencies at a competitive level, exporters feel that, the Bank of Mauritius should send clear signals by reducing the key repo rate by 1 percent.

During its last meeting, which was held in June, Mauritius Monetary Policy Committee had left the benchmark repo rate unchanged at 5.75 percent, meeting with the market expectations and keeping in mind the ambiguity owing to Europe's debt crisis, which is now easing.

As industry sources, since inflation is under control at 1.8 percent, the aim should now be on growth. More over, employers are keen on sustaining their workers' jobs, but firms should be provided with the opportunity to earn revenues.

As against the previous expected figure of 4.3 percent, growth is likely to be as low as 3.5 percent this year, and hence government is intending to release a package of measures in the near future to help the export sector.

The world economic meltdown, had adversely affected Mauritius apparel firms, pushing them to reduce prices so as to hand on to the market share and continue encouraging demand.

In December 2008, $340 million stimulus package was unveiled by government, which earlier focused on struggling textile suppliers.

Fibre2Fashion News Desk - India


Must ReadView All

Courtesy: Bangladesh Bank

Apparel/Garments | On 22nd May 2018

Bangladesh Bank enhances EDF loan limit to $25 million

Bangladesh Bank has enhanced the loan limit under Export Development...

Sri Lanka's textile imports up 32.5% in February 2018

Textiles | On 22nd May 2018

Sri Lanka's textile imports up 32.5% in February 2018

In what might be an indication of higher exports in the coming...

Provide power at Rs 8/kWh to textile units: APTMA

Textiles | On 22nd May 2018

Provide power at Rs 8/kWh to textile units: APTMA

All Pakistan Textile Mills Association (APTMA) has asked the...

Interviews View All

Top executives
Textile industry

The foremost issue is bridging the skill gap

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search