It's hard to defend the indefensible when the evidence is so clear.
But l’express “persiste et signe”.
๐. Excerpts from the Editorial in today’s L’express:
Our reply: We had argued in our articles“๐๐จ๐ ๐๐จ๐ฏ๐๐ซ๐ง๐จ๐ซ’๐ฌ ๐ฅ๐๐ญ๐๐ฌ๐ญ ๐๐ง๐ญ๐๐ซ๐ฏ๐ข๐๐ฐ" , the “๐ง๐ต๐ฒ ๐๐ถ๐ป๐ฎ๐ป๐ฐ๐ฒ ๐ข๐๐ฒ๐ฟ๐น๐ผ๐ฟ๐ฑ and “๐๐จ๐ ๐๐จ๐ฏ๐๐ซ๐ง๐จ๐ซ ๐๐ง๐ ๐
๐๐ ๐๐ก๐๐ข๐ซ๐ฆ๐๐ง” “ that
"The Monetary Authority of Singapore (MAS) model is not applicable to Mauritius, because it does not allow for independence of monetary policy from fiscal pressures. Singapore has an exceptional fiscal policy that ensures long term balanced budgets and often runs budget surpluses. Singapore has zero net Govt debt, and has never printed money to fund fiscal deficits. Mauritius can hope to emulate Singapore on financial regulation only after establishing a record of pursuing sound and credible fiscal policies.
...... BoM should therefore stick to its monetary policy guns, and not dilute its effectiveness to combat inflation by taking on FSC’s functions. "
๐๐ ๐ก๐๐ ๐๐จ๐ซ๐ฐ๐๐ซ๐๐๐ ๐ ๐๐จ๐ฉ๐ฒ ๐ญ๐จ ๐’๐๐ฑ๐ฉ๐ซ๐๐ฌ๐ฌ ๐๐ง๐ ๐๐ ๐รฉ๐๐ข, ๐ญ๐ก๐๐ฒ ๐๐ข๐ ๐ง๐จ๐ญ ๐ฉ๐ฎ๐๐ฅ๐ข๐ฌ๐ก ๐ข๐ญ !
Sameer Sharma has also observed in an interview to Mtimes that “The question of whether Mauritius should vest such sweeping powers in its central bank governor - spanning from monetary policy to banking supervision, MIC and now, ambitiously, oversight of the offshore sector and non-bank financial institutions - deserves serious scrutiny. As an economist, I underscore that international best practice favours a clear separation of powers, not their concentration.”
๐. Excerpts: “apprรฉciation de la roupie, inflation maitrisรฉe ร 3,3 %, rรฉserves en hausse d'un milliard de dollars et profits records ร la BoM ..”
Our reply :
In our article ๐ช๐ต๐ถ๐๐ต๐ฒ๐ฟ ๐บ๐ผ๐ป๐ฒ๐๐ฎ๐ฟ๐ ๐ฝ๐ผ๐น๐ถ๐ฐ๐?, we had argued that “๐๐ก๐ ๐ซ๐ฎ๐ฉ๐๐ ๐๐จ๐ง๐ญ๐ข๐ง๐ฎ๐๐ฌ ๐ญ๐จ ๐๐๐๐ ๐๐จ๐ฐ๐ง๐ฐ๐๐ซ๐ ๐ฉ๐ซ๐๐ฌ๐ฌ๐ฎ๐ซ๐ :BoM’s claim of rupee stabilization does not align with market realities. The official exchange rate still does not reflect the true market value of the rupee, since there is a chronic USD shortage, and bank forex rationing. Despite the recent forex market measures by BoM, banks can always find a way to charge higher exchange rates to their clients, who are only too willing to pay more to get hold of scarce forex. The offshore USD exchange rate is around Rs 48-49, or weaker than the official rate.”
We had also pointed out that “๐๐จ๐ ๐ค๐๐๐ฉ๐ฌ ๐๐จ๐ซ๐ซ๐จ๐ฐ๐ข๐ง๐ ๐ญ๐จ ๐ฌ๐ฎ๐ฉ๐ฉ๐จ๐ซ๐ญ ๐ข๐ญ๐ฌ ๐๐ฑ๐ญ๐๐ซ๐ง๐๐ฅ ๐ซ๐๐ฌ๐๐ซ๐ฏ๐๐ฌ”:The record high level of BoM Gross external reserves of USD 9.7 bn at June 25 is boosted by sizeable BoM foreign borrowings of USD3.3 bn. BoM borrowings through repos stood at USD1.7 bn, and foreign deposits/borrowings from banks and financial institutions totalled USD1.6 bn. Excluding gold valuation gains of USD0.4 bn and Govt foreign borrowings as well, the level of net external reserves remained relatively unchanged between June 24 and June 25 at less than USD6 bn.
๐๐ ๐ก๐๐ ๐๐จ๐ซ๐ฐ๐๐ซ๐๐๐ ๐ ๐๐จ๐ฉ๐ฒ ๐ญ๐จ ๐’๐๐ฑ๐ฉ๐ซ๐๐ฌ๐ฌ, ๐ญ๐ก๐๐ฒ ๐ข๐ ๐ง๐จ๐ซ๐๐ ๐ข๐ญ !
๐๐๐จ๐ฎ๐ญ ๐ญ๐ก๐ ๐ฉ๐ซ๐จ๐๐ข๐ญ๐ฌ, we had posted on lexpress.mu that part of the reason for higher profits could be the higher reliance in open market operations on bank overnight deposits rather than BoM bills and notes, thereby paying less interest cost. But this is less conducive to monetary stability. And much of the increase in profits is due to valuation changes, such as drop in interest rates on US Treasury securities held by BoM, or the rise in stockmarket investments.
๐๐ง๐๐ฅ๐๐ญ๐ข๐จ๐ง ๐ข๐ฌ ๐จ๐ง ๐ญ๐ก๐ ๐ซ๐ข๐ฌ๐ ๐๐๐ฌ๐ฉ๐ข๐ญ๐
- an increase in the Key Repo Rate from 4.0% to 4.5%
- measures to strengthen oversight of foreign exchange (FX) transactions, including the requirement that these be conducted through licensed institutions and the tightening due diligence on inter-company FX dealings and
- the Rs 10 billion Price Stabilisation Fund to help households with essential commodity prices.
๐ฏ. Excerpts: “Sithanen pourrait devenir le fusible idรฉal. Son dรฉpart calmerait certains appรฉtits, ๐ข๐๐๐จ ๐๐ฃ๐ซ๐๐ง๐ง๐๐๐ฉ ๐๐ช๐ญ ๐๐ฃ๐ซ๐๐จ๐ฉ๐๐จ๐จ๐๐ช๐ง๐จ ๐ช๐ฃ ๐ข๐๐จ๐จ๐๐๐ ๐รฉ๐จ๐๐จ๐ฉ๐ง๐๐ช๐ญ(sic): ici, la politique prime encore sur la compรฉtence. Sacrifier un technocrate sur l'autel des petits calculs est une vieille habitude mauricienne. Aujourd'hui, le coรปt serait plus lourd. La Banque centrale n'est pas un champ de bataille : c'est le garant de la stabilitรฉ monรฉtaire et de la confiance internationale. Si l'alliance se dรฉbarrasse de Sithanen, elle gagnera peut-รชtre un rรฉpit. Elle perdra un peu plus de crรฉdibilitรฉ รฉconomique.”
Our reply : “…๐๐ ๐ ๐๐ซ๐๐ง๐ญ ๐๐ ๐ฅ๐ ๐ฌ๐ญ๐๐๐ข๐ฅ๐ข๐ญรฉ ๐ฆ๐จ๐งรฉ๐ญ๐๐ข๐ซ๐ “
Hogwash! The market remains volatile due to excess liquidity, and the new monetary policy framework is yet to be fully effective. Consequently, the interbank (market) rate is not aligned with the Bank’ s key policy rate.The continuing forex shortage calls for stronger monetary measures, including improving the credibility of monetary policy and reinforcing the independence of the central bank.
Our reply :“๐๐ฅ๐ฅ๐ ๐ฉ๐๐ซ๐๐ซ๐ ๐ฎ๐ง ๐ฉ๐๐ฎ ๐ฉ๐ฅ๐ฎ๐ฌ ๐๐ ๐๐ซรฉ๐๐ข๐๐ข๐ฅ๐ข๐ญรฉ รฉ๐๐จ๐ง๐จ๐ฆ๐ข๐ช๐ฎ๐.”
Bullshit ! Sithanen, the trojan horse of the private sector, has turned out to be a catastrophe at the Central Bank. His failure to cancel MIC deposits with the BoM has not only failed to lower the risk of downgrading by Moody’s, but has actually raised the risk of the country ending in junk status. Furthermore, his failure to commission a forensic audit and an independent asset restructuring cum disposal plan to minimise losses has only exacerbated the situation.
No, Sir. With Sithanen out, there are more chances that we will gain some economic credibility.
Unbelievable , that’s “chatwaism” par excellence - li mem meilleur , pena so second ! Mem sou rรฉzim Jugnauth, nou pan truv sa !
Paul Lismore was totally on target when he commented that “๐จ๐๐๐๐๐ ๐๐๐ ๐๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐
๐๐ “๐๐๐๐๐๐๐๐๐”( ๐จ๐ซ ๐ซ๐๐๐ ๐ญ๐ก๐ ๐๐๐ข๐ญ๐จ๐ซ๐ข๐๐ฅ๐ฌ ๐จ๐ ๐จ๐ฎ๐ซ ๐ฉ๐ซ๐๐ฌ๐ฌ) ๐๐ ๐ ๐๐๐๐ ๐๐๐๐ ๐๐๐ ๐๐๐๐ ๐๐๐๐ ๐๐ ๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐
, ๐๐๐
๐๐๐ ๐
๐๐๐๐
๐๐ ๐๐๐๐๐๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐๐๐ ๐๐๐ ๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐๐ ๐๐๐๐ ๐๐๐ ๐๐๐๐๐๐๐
, ๐๐๐๐๐๐ ๐๐๐๐๐๐
, ๐๐๐
๐๐๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐๐……๐ณ’๐ฌ๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐ฎ๐๐ต๐๐
๐๐ ๐๐๐ ๐๐๐๐ ๐๐๐ ๐๐๐๐๐๐
๐๐๐
๐
๐๐๐ ๐๐๐ ๐๐๐๐ ๐๐ ๐๐๐๐ ๐บ๐๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐ ๐๐ ๐๐๐
๐๐๐๐ ๐๐๐๐๐ ๐๐ ๐๐. "
Checkmate Bro !
Paul Lismore
I hope I will not be accused of being anti Tamil sipaki kouyonade. But the evidence is too clear to ignore: there is a Tamil mafia that will support, defend, protect, and promote anyone who happens to call himself a Tamoul. It cannot be a coincidence that the GoNad and his little pions at L'Express have for years been promoting Sithanen and Padaleksi as financial wizards, and defended them against any constructive criticism....despite the clear evidence that those 2 are as much the financial wizards they think they are as I sometimes believe when I am drunk that I got Donald Trump to say, "Those Palestinians are nice people, you know. Israel must stop murdering them"....
Today's "editorial" is not surprising at all. What else can you expect from L'L'express Maurice? That paper spent 10 years castigating Ramgoolam and anyone associated with him and today is telling us how much SSR was a wonderful patriot and splashing its pages with photos of the son...
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Ravind Nithoo
Paul Lismore i don’t think it has anything to do with a Tamil mafia. Mere coincidence, I’d say. However,there could be other forces at work which are not politically linked.
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AuthorRavind Nithoo That our typical local folklore, we prone “Mauritianism”,”, but are still strongly anchored in the Nou v/s Zot mentality, typical of the schizophrenic personalities of multiracial communities (even extended to spiritual organisations), perpetually undergoing the stress of the daily dichotomy of “us”- the victim consciousness -against the seemingly culprit “them “ and add to that "Identity politics"....The biggest joke of the moment is the so-called "reform รฉlectorale" for the new and future generation ร la sauce traditionelle du communalisme et castรฉisme.
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Ravind Nithoo
Rattan Chand you may be right on the spiritual component of the matter at hand. As for the nu bannism, it’s not a necessary condition that it’s linked with religion. I may be wrong.
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