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Bank of Mauritius Act

consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.

Later amending instruments held: Finance (Miscellaneous Provisions) Act 2017 (Act No 10 of 2017), Finance (Miscellaneous Provisions) Act 2018 (Act No 11 of 2018), National Payment Systems Act 2018 (Act No 17 of 2018), Ombudsperson for Financial Services Act 2018 (Act No 21 of 2018), Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation (Miscellaneous Provisions) Act 2019 (Act No 9 of 2019), Finance (Miscellaneous Provisions) Act 2019 (Act No 13 of 2019), Mauritius Deposit Insurance Scheme Act 2019 (Act No 1 of 2019), Covid-19 (Miscellaneous Provisions) Act 2020, Finance (Miscellaneous Provisions) Act 2020, Finance (Miscellaneous Provisions) Act 2021 (Act No 15 of 2021), Finance (Miscellaneous Provisions) Act 2022 (Act No 15 of 2022), Finance (Miscellaneous Provisions) Act 2023 (Act No 12 of 2023), Anti-Money Laundering and Combatting the Financing of Terrorism and Proliferation (Miscellaneous Provisions) Act 2024 (Act No. 10 of 2024), Finance (Miscellaneous Provisions) Act 2024 (Act No. 11 of 2024), Finance Act 2025 (Act No. 18 of 2025), Anti-Money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing (Miscellaneous Provisions) Act 2026 (Act No. 3 of 2026).

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Sections

  1. 1 Short title
  2. 2 Interpretation
  3. PART II: CONSTITUTION OF BANK
  4. 3 Establishment of Bank of Mauritius
  5. 4 Objects of Bank
  6. 5 Functions of Bank
  7. 6 Powers of Bank
  8. 7 Endorsement of security under Code Civil Mauricien
  9. 8 Publication of interest rates
  10. 9 Limitations on activities of Bank
  11. PART III: CAPITAL AND RESERVE
  12. 10 Capital
  13. 11 General Reserve Fund and other Reserve Funds
  14. PART IV: BOARD, MANAGEMENT AND STAFF
  15. 12 Board of Directors
  16. 13 Governor
  17. 14 Deputy Governors
  18. 15 Tenure of office and declaration of assets
  19. 16 Directors other than Governor and Deputy Governors
  20. 17 Disqualification
  21. 18 Resignation from office
  22. 19 Vacation of office
  23. 20 Vacancies in office of Director
  24. 21 Meetings of Board
  25. 22 Disclosure of interest
  26. 23 Secretary
  27. 24 Appointment of staff
  28. 25 Consultants and other persons engaged to perform services
  29. 26 Confidentiality
  30. 27 Execution of documents
  31. 28 Authorisation of cheques or payment instructions
  32. 29 Indemnity
  33. PART V: ACCOUNTING, STATEMENTS AND TRANSPARENCY
  34. 30 Financial year
  35. 31 Accounts and audit
  36. 32 Budget, annual accounts, annual report and returns
  37. 33 Transparency
  38. 33 Transparency inserted by Finance Act 2019
  39. 33 Transparency inserted by Act No 13 of 2019
  40. PART VI: CURRENCY
  41. 34 Unit of currency
  42. 35 Sole right to issue currency
  43. 36 Printing of bank notes and minting of coins
  44. 37 Legal tender
  45. 38 Demonetisation of currency notes and coins
  46. 39 Recovery of lost, stolen, mutilated or otherwise damaged currency
  47. 40 Possession of paper for currency notes
  48. 41 Imitation of currency notes
  49. 42 Counterfeit currency notes
  50. 42A Counterfeit digital currency inserted by Finance Act 2021
  51. 42A Counterfeit digital currency inserted by Act No 15 of 2021
  52. PART VI: CURRENCY
  53. 43 Counterfeiting of coins
  54. 43A Reproduction of currency notes, bank notes or coins
  55. 44 Forgery
  56. 45 Evidence in proceedings
  57. 45B Special drawing rights
  58. PART VII: OFFICIAL FOREIGN RESERVES AND SPECIAL RESERVE FUND
  59. 46 Official foreign reserves
  60. 46 Official foreign reserves inserted by Finance Act 2019
  61. 46 Official foreign reserves inserted by Act No 13 of 2019
  62. PART VII: OFFICIAL FOREIGN RESERVES AND SPECIAL RESERVE FUND
  63. 47 Special Reserve Fund
  64. PART VIII: RELATIONS WITH BANKS AND OTHER FINANCIAL INSTITUTIONS
  65. 48 Facilities to financial market infrastructure and payment scheme
  66. 48A Licensing and overseeing of financial market infrastructure and payment scheme providers
  67. 49 Minimum cash balances
  68. 50 Power to issue instructions
  69. 50A Power to make rules
  70. 50A Power to make rules inserted by Finance Act 2016
  71. 50A Power to make rules inserted by Act No 18 of 2016
  72. PART VIII: RELATIONS WITH BANKS AND OTHER FINANCIAL INSTITUTIONS
  73. 51 Information from banks and other financial institutions
  74. 51A Balance of payment
  75. 51B Collection of statistics
  76. 51B Collection of statistics inserted by Finance Act 2016
  77. 51B Collection of statistics inserted by Act No 18 of 2016
  78. PART VIII: RELATIONS WITH BANKS AND OTHER FINANCIAL INSTITUTIONS
  79. 52 Establishment of Credit Information Bureau
  80. 52A Establishment of Central KYC Registry inserted by Finance Act 2018
  81. 52A Establishment of Central KYC Registry inserted by Act No 11 of 2018
  82. 52B Establishment of Credit Scoring Services Agency inserted by Finance Act 2020
  83. 52B Establishment of Credit Scoring Services Agency inserted by Act No 7 of 2020
  84. PART VIII: RELATIONS WITH BANKS AND OTHER FINANCIAL INSTITUTIONS
  85. 53 Offence by financial institution
  86. PART VIIIA: BANKING SERVICES REVIEW PANEL
  87. 53A Banking Services Review Panel
  88. 53B Membership of Review Panel
  89. 53C Termination of appointment
  90. 53D Staff of Review Panel
  91. 53E Proceedings of Review Panel
  92. 53F Determination of Review Panel
  93. 53G Powers of Review Panel
  94. 53H Protection of persons before Review Panel
  95. 53I Offences relating to proceedings of Review Panel
  96. 53J Judicial review
  97. PART IX: MONETARY POLICY COMMITTEE
  98. 54 Monetary Policy Committee
  99. 55 Functions of Committee
  100. PART IXA: FINANCIAL STABILITY COMMITTEE
  101. 55A Financial Stability Committee
  102. PART X: RELATIONS WITH GOVERNMENT
  103. 56 Government banker and financial adviser
  104. 57
  105. 58 Advances to and deposits from Government
  106. 59 Bank to act as Government’s agent
  107. PART XI: MISCELLANEOUS
  108. 60 Deposit insurance
  109. 61 Restriction on names of banks
  110. 62 Standards of good administration
  111. 63 Protection from liability
  112. 64 Exemption from taxes
  113. 65 Liquidation and reduction of capital of Bank
  114. 66 Records
  115. 67 Service of process
  116. 68 Prosecution for offence
  117. 69 Compounding of offence
  118. 70 Regulations
  119. FIRST SCHEDULE
  120. 1
  121. 2
  122. 3
  123. 4 Property sold, transferred or donated to my children of age during the period of
  124. 5