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

Apparel/Garments | On 1st Mar 2017

CMAI's Apparel Index for Q3 shows lowest growth at 1.4 pts

CMAI’s Apparel Index for the third quarter FY 2016-17 shows that the...

Courtesy: Carter

Apparel/Garments | On 1st Mar 2017

Kidswear retailer Carter’s acquires Skip Hop Holdings

US headquartered kidswear retailer Carter’s said it has acquired Skip ...

Courtesy: Lectra

Information Technology | On 1st Mar 2017

Lectra makes new strategy for fashion in Industry 4.0 era

Lectra, the world leader in integrated technology solutions, has...

Interviews View All

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Larry L Kinn
Suominen Corporation

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

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search