Our Pada upon leaving the Central Criminal Investigation Department yesterday, was claiming that “๐'รฉ๐ค๐ฐ๐ฏ๐ฐ๐ฎ๐ช๐ฆ ๐ค'๐ฆ๐ด๐ต ๐ถ๐ฏ ๐ฅรฉ๐ฃ๐ข๐ต ๐ฑ๐ฆ๐ณ๐ฎ๐ข๐ฏ๐ฆ๐ฏ๐ต ๐ฆ๐ต ๐ค๐ฐ๐ฏ๐ต๐ณ๐ข๐ฅ๐ช๐ค๐ต๐ฐ๐ช๐ณ๐ฆ. ๐๐ฆ ๐ฏ'๐ฆ๐ด๐ต ๐ฑ๐ข๐ด ๐ถ๐ฏ๐ฆ ๐ด๐ค๐ช๐ฆ๐ฏ๐ค๐ฆ ๐ง๐ช๐จรฉ๐ฆ.”
Agreed that economics' foundational principles, models, and real-world applications are in a constant state of flux. We rely on data and advanced processing capabilities to analyze real-world trends, vastly improving our understanding of the macro-level impacts on society. ๐๐ญ๐ต๐ช๐ฎ๐ข๐ต๐ฆ๐ญ๐บ, ๐ฆ๐ค๐ฐ๐ฏ๐ฐ๐ฎ๐ช๐ค๐ด ๐ณ๐ฆ๐ญ๐ช๐ฆ๐ด ๐ฉ๐ฆ๐ข๐ท๐ช๐ญ๐บ ๐ฐ๐ฏ ๐ณ๐ฆ๐ข๐ญ-๐ธ๐ฐ๐ณ๐ญ๐ฅ ๐ฅ๐ข๐ต๐ข ๐ต๐ฐ ๐ฆ๐ท๐ข๐ญ๐ถ๐ข๐ต๐ฆ ๐ข๐ฏ๐ฅ ๐ช๐ฎ๐ฑ๐ณ๐ฐ๐ท๐ฆ ๐ช๐ต๐ด ๐ต๐ฉ๐ฆ๐ฐ๐ณ๐ช๐ฆ๐ด, ๐ข๐ญ๐ต๐ฉ๐ฐ๐ถ๐จ๐ฉ ๐ต๐ฉ๐ฆ ๐ง๐ฐ๐ถ๐ฏ๐ฅ๐ข๐ต๐ช๐ฐ๐ฏ๐ข๐ญ ๐ข๐ด๐ด๐ถ๐ฎ๐ฑ๐ต๐ช๐ฐ๐ฏ๐ด ๐ฅ๐ณ๐ช๐ท๐ช๐ฏ๐จ ๐ต๐ฉ๐ฐ๐ด๐ฆ ๐ต๐ฉ๐ฆ๐ฐ๐ณ๐ช๐ฆ๐ด ๐ง๐ณ๐ฆ๐ฒ๐ถ๐ฆ๐ฏ๐ต๐ญ๐บ ๐จ๐ถ๐ช๐ฅ๐ฆ ๐ฉ๐ฐ๐ธ ๐ต๐ฉ๐ฆ ๐ฅ๐ข๐ต๐ข ๐ช๐ด ๐ช๐ฏ๐ต๐ฆ๐ณ๐ฑ๐ณ๐ฆ๐ต๐ฆ๐ฅ ๐ช๐ฏ ๐ต๐ฉ๐ฆ ๐ง๐ช๐ณ๐ด๐ต ๐ฑ๐ญ๐ข๐ค๐ฆ.
What does our data show ?
๐ถ๐๐ ๐
๐๐๐ ๐๐๐๐๐ ๐๐๐๐ ๐๐๐
๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐ ๐ฎ๐๐๐๐๐๐๐๐๐ ๐๐๐ ๐ฉ๐๐ด ๐๐๐๐๐๐๐
๐ ๐๐๐๐๐ ๐๐ ๐น๐ 121 ๐๐ ๐๐๐ ๐น๐ 181.5 ๐๐ ๐๐ ๐
๐๐๐๐๐๐๐
๐๐๐ ๐๐ ๐๐๐ ๐ท๐ด ๐๐ ๐๐๐ ๐ต๐๐๐๐๐๐๐ ๐จ๐๐๐๐๐๐๐.
The total of Rs 121 billion is made of
๐. an amount of Rs 18 bn which was drawn from the Special Reserve Fund (SRF) for repayment of Govt external debt in FY 19-20,
๐. an amount of Rs 55 bn transferred to Govt in FY ending June 20 for deficit financing, termed as a one-off contribution to Govt in the BoM's financial accounts,
๐. an amount of Rs 48 bn as the effective amount of money printed to MIC. From the nominal amount of money created , that is the Rs 81 bn credited to the account of MIC at BoM in FY 20-21, (by simply adding a new item as equity investment on the asset side of BoM’ s balance sheet), Rs 33 bn have to be excluded as it is still in the account of the BoM.
This is the total amount of pure money creation. Every other figure advanced is just fake ! The amount of Rs 15 bn held by BoM in Govt securities is wrongly included by the PM in the quantum of printed money. BoM lending to DBM and other institutions, for a total of Rs 12.5 bn, is similarly not printed money, as alleged by the PM.
Contrary to what it shamefully did in Pada’s case, BoM will not be able to make a complaint to the CCID about the PM’s fake info on money printing, as statements in the National Assembly are legally immune from prosecution. Seriously, the law enforcement authorities in Mauritius have better to do than waste time on technical monetary policy issues.
Like our Pada , our PM also does not seem to understand basic monetary economics. But what about the accountability of the BoM officers , the advisers, the FS and team - the very ones who had cooked the GDP and budget figures under Pada-in clarifying the economic figures and ensuring the integrity of the data that are being disseminated in the NA and to the public ?
We are also being told that the present difficulties of the BoM are all due to the excessive printing of money by the previous regime ! What does our data show ?
It shows that we cannot keep on blaming the previous regime for the present incapacity of the authorities to mop up the excess liquidity, stabilise the rupee and tackle the inflationary pressures.
The yr-o-yr inflation had been coming down under the previous regime itself before picking up again under the new Govt -see graph below .
Both the Broad Money Liabilities (BML) and the Monetary Base growth were picking up again in Dec 2025, higher than the nominal growth in GDP and the Monetary base growth had reached double digits, as shown in table below.
Moreover, on our weak or non-functioning monetary transmission mechanism, Sameer reminds us that ….”"๐๐ข๐ค๐ฌ๐ช๐ฏ๐จ ๐ข๐ฃ๐ด๐ฐ๐ณ๐ฑ๐ต๐ช๐ฐ๐ฏ, ๐ฎ๐ข๐ณ๐ฌ๐ฆ๐ต ๐ณ๐ข๐ต๐ฆ๐ด ๐ณ๐ฆ๐ฎ๐ข๐ช๐ฏ ๐ด๐ต๐ถ๐ค๐ฌ ๐ข๐ต ๐ต๐ฉ๐ฆ ๐ฃ๐ฐ๐ต๐ต๐ฐ๐ฎ ๐ฐ๐ง ๐ต๐ฉ๐ฆ ๐ค๐ฐ๐ณ๐ณ๐ช๐ฅ๐ฐ๐ณ, ๐ช๐ฏ ๐ฏ๐ฆ๐จ๐ข๐ต๐ช๐ท๐ฆ ๐ณ๐ฆ๐ข๐ญ ๐ต๐ฆ๐ณ๐ณ๐ช๐ต๐ฐ๐ณ๐บ: ๐ต๐ฉ๐ฆ 4.75% ๐ฑ๐ฐ๐ญ๐ช๐ค๐บ ๐ณ๐ข๐ต๐ฆ ๐ช๐ด ๐ฏ๐ฐ๐ธ ๐ฎ๐ฆ๐ณ๐ฆ๐ญ๐บ ๐ข ๐ง๐ช๐จ๐ถ๐ณ๐ฆ๐ฉ๐ฆ๐ข๐ฅ, ๐ข๐ด ๐ต๐ฉ๐ฆ ๐ช๐ฏ๐ต๐ฆ๐ณ๐ฃ๐ข๐ฏ๐ฌ ๐ณ๐ข๐ต๐ฆ, ๐ฏ๐ฐ๐ธ ๐ญ๐ฐ๐ธ๐ฆ๐ณ, ๐ช๐ด ๐ต๐ฉ๐ฆ ๐ฐ๐ฏ๐ฆ ๐ต๐ฉ๐ข๐ต ๐ต๐ณ๐ถ๐ญ๐บ ๐จ๐ฐ๐ท๐ฆ๐ณ๐ฏ๐ด; ๐ข๐ด ๐ง๐ฐ๐ณ ๐ต๐ฉ๐ฆ 125 ๐ฃ๐ข๐ด๐ช๐ด ๐ฑ๐ฐ๐ช๐ฏ๐ต ๐ค๐ฐ๐ณ๐ณ๐ช๐ฅ๐ฐ๐ณ, ๐ช๐ต ๐ธ๐ข๐ด ๐ฐ๐ฏ๐ญ๐บ ๐ถ๐ด๐ฆ๐ฅ ๐ต๐ฐ ๐ค๐ฐ๐ฑ๐ฆ ๐ธ๐ช๐ต๐ฉ ๐ต๐ฉ๐ช๐ด ๐ข๐ช๐ญ๐ช๐ฏ๐จ ๐ฃ๐ข๐ญ๐ข๐ฏ๐ค๐ฆ ๐ด๐ฉ๐ฆ๐ฆ๐ต. ๐๐ฉ๐ฆ ๐ฅ๐ช๐ด๐ต๐ฐ๐ณ๐ต๐ช๐ฐ๐ฏ ๐ต๐ฉ๐ฆ๐ฏ ๐ด๐ฑ๐ณ๐ฆ๐ข๐ฅ๐ด ๐ข๐ค๐ณ๐ฐ๐ด๐ด ๐ต๐ฉ๐ฆ ๐ฆ๐ฏ๐ต๐ช๐ณ๐ฆ ๐บ๐ช๐ฆ๐ญ๐ฅ ๐ค๐ถ๐ณ๐ท๐ฆ, ๐ธ๐ช๐ต๐ฉ ๐ต๐ฉ๐ฆ ๐ด๐ฑ๐ณ๐ฆ๐ข๐ฅ ๐ฃ๐ฆ๐ต๐ธ๐ฆ๐ฆ๐ฏ ๐ต๐ฉ๐ฆ 10-๐บ๐ฆ๐ข๐ณ ๐ข๐ฏ๐ฅ 2-๐บ๐ฆ๐ข๐ณ ๐ฃ๐ฐ๐ฏ๐ฅ๐ด ๐ค๐ฐ๐ญ๐ญ๐ข๐ฑ๐ด๐ช๐ฏ๐จ ๐ข๐ต ๐ต๐ฉ๐ฆ ๐ต๐ช๐ฎ๐ฆ ๐ฐ๐ง ๐ช๐ด๐ด๐ถ๐ข๐ฏ๐ค๐ฆ – ๐ข๐ญ๐ญ ๐ด๐ช๐จ๐ฏ๐ด ๐ฐ๐ง ๐ข ๐ฏ๐ฐ๐ฏ-๐ง๐ถ๐ฏ๐ค๐ต๐ช๐ฐ๐ฏ๐ช๐ฏ๐จ ๐ฎ๐ฐ๐ฏ๐ฆ๐ต๐ข๐ณ๐บ ๐ต๐ณ๐ข๐ฏ๐ด๐ฎ๐ช๐ด๐ด๐ช๐ฐ๐ฏ.”
Stop blaming the other regime for one and all; we have kicked them out once for all; they belong to the past that some are uselessly stuck up with in their repeated paroxysms of scandalous retrospective narratives , insult and indignation that lead us to nowhere; ๐ฒ๐ฝ’๐ผ ๐ฝ๐ฒ๐ถ๐ฎ ๐๐๐๐ ๐๐๐๐ ๐น๐พ๐ฝ ๐๐๐๐๐๐๐๐๐๐ ๐ฝ๐ธ ๐ฝ๐ฑ๐ฎ ๐ฝ๐ช๐ผ๐ด ๐ฝ๐ธ ๐ป๐ฎ๐ผ๐ฝ๐ธ๐ป๐ฎ ๐ฝ๐ฑ๐ฎ ๐๐ช๐ท๐ด’๐ผ ๐ฒ๐ท๐ญ๐ฎ๐น๐ฎ๐ท๐ญ๐ฎ๐ท๐ฌ๐ฎ, ๐ฒ๐ฝ๐ผ ๐ฝ๐ฎ๐ฌ๐ฑ๐ท๐ฒ๐ฌ๐ช๐ต ๐ฌ๐ธ๐ถ๐น๐ฎ๐ฝ๐ฎ๐ท๐ฌ๐ฎ ๐ช๐ท๐ญ ๐ฌ๐ป๐ฎ๐ญ๐ฒ๐ซ๐ฒ๐ต๐ฒ๐ฝ๐.
๐ฃ๐ฑ๐ฎ ๐ฒ๐ท๐ฏ๐ฎ๐ป๐ฎ๐ท๐ฌ๐ฎ ๐ฏ๐ป๐ธ๐ถ ๐ฝ๐ฑ๐ฒ๐ผ ๐ผ๐ฝ๐ช๐ป๐ฝ๐ต๐ฒ๐ท๐ฐ ๐ฎ๐น๐ฒ๐ผ๐ธ๐ญ๐ฎ ๐ฒ๐ผ ๐ฌ๐ต๐ฎ๐ช๐ป. ๐ฃ๐ฑ๐ฎ ๐ถ๐ฒ๐ท๐ญ๐ผ๐ฎ๐ฝ ๐ช๐ฝ ๐ฝ๐ฑ๐ฎ ๐๐ฒ๐ท๐ฒ๐ผ๐ฝ๐ป๐ ๐ธ๐ฏ ๐๐ฒ๐ท๐ช๐ท๐ฌ๐ฎ ๐ช๐ท๐ญ ๐ฝ๐ฑ๐ฎ ๐๐ช๐ท๐ด ๐ธ๐ฏ ๐๐ช๐พ๐ป๐ฒ๐ฝ๐ฒ๐พ๐ผ ๐ฒ๐ผ ๐ผ๐ฝ๐ฒ๐ต๐ต ๐ต๐ช๐ป๐ฐ๐ฎ๐ต๐ ๐ญ๐ป๐ฒ๐ฟ๐ฎ๐ท ๐ซ๐ ๐ฌ๐ฑ๐ฎ๐ช๐น ๐ช๐ท๐ญ ๐ถ๐ฎ๐ช๐ท ๐น๐ธ๐ต๐ฒ๐ฝ๐ฒ๐ฌ๐ช๐ต ๐ฌ๐ธ๐ท๐ผ๐ฒ๐ญ๐ฎ๐ป๐ช๐ฝ๐ฒ๐ธ๐ท๐ผ ๐ฒ๐ท๐ผ๐ฝ๐ฎ๐ช๐ญ ๐ธ๐ฏ ๐ผ๐ธ๐พ๐ท๐ญ ๐ฎ๐ฌ๐ธ๐ท๐ธ๐ถ๐ฒ๐ฌ ๐ป๐ฎ๐ช๐ผ๐ธ๐ท๐ฒ๐ท๐ฐ. ๐๐ต๐พ๐ผ ๐ฌ๐ช ๐ฌ๐ฑ๐ช๐ท๐ฐ๐ฎ, ๐น๐ต๐พ๐ผ ๐ฌ’๐ฎ๐ผ๐ฝ ๐ต๐ช ๐ถ๐ฎ๐ถ๐ฎ ๐ฌ๐ฑ๐ธ๐ผ๐ฎ!
