Mauritius : Financial Sector Assessment

World Bank

Mauritius : Financial Sector Assessment

2003

World Bank

This Financial Sector Assessment (FSA) is the joint IMF-World Bank work, based on the context of the Financial Sector Assessment Program (FSAP), intended to identify strengths, and vulnerabilities, as well as development needs of the financial sector. The report thus summarizes main findings, and policy recommendations as follows. Mauritius has been remarkably successful in achieving rapid growth, and substantial diversification of a formerly mono-agricultural economy. However, maintaining the past high rates of growth, and employment will pose a major challenge. The trade preferences on which two of the pillars of the economy are founded are being eroded, forcing the sugar and textile industries, to significantly improve their competitiveness, or lose market share to larger, lower-cost producers. In partnership with the private sector, the government is taking decisive measures to build a knowledge economy based on higher value-added services, notably in information and communication technologies. They have also adopted programs to modernize, and improve competitiveness in the sugar and textile industries, and, are investing heavily in education, in order to realign the labor force with the requirements of the new engines of growth. Mauritius has a relatively large and well-developed domestic financial system, and a growing offshore sector, however, the country needs to further diversify its financial sector, namely within the banking system. This includes continuing the strengthening of banking supervision, fostering the development of alternatives to bank lending to reduce portfolio concentrations, and increase competition. Additionally, there is the need to encourage sound international risk diversification, by strengthening provisioning levels, so as to enhance the resilience of the system to a downturn in economic activity, and, by reducing the government's implicit contingent liability in the banking system.

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Palabras clave de AGROVOC

accounting auditing banking systems banks civil service communication technology consumer protection corruption diversification economic development employment financial institutions fraud housing information technology interest rates legislation liquid assets liquidity operating costs pensions profitability public debt public-private partnerships retirement risk management savings sugar industry textiles unemployment

Información bibliográfica

Editorial

Washington, DC

Otras materias

Capital adequacy; Bank exposure; Institutional framework; Operational risk; Enactment; Return on assets; Consolidated supervision; Time deposits; Government policy; Banking supervision; Financial ratios; Banking regulation; Foreign banks; Insurance industry; Branch banking; Insurance companies; Settlement systems; Credit risk; Consolidation; Financial information; Reinvestment risk; Liquidation; Disclosure; Inspections; Price structures; Technical assistance; Deposits; Insolvent banks; Labor force; Risk diversification; Prudential requirements; Financial reporting; Producers; Capital base; Private sector development; Capital markets; Electronic funds; Life insurance companies; Narrow banking; Regulatory authority; Foreign exchange; Banking sector; Government liability; Insolvent; Integrated regulation; Labor market; Portfolio diversification; International accounting standards; Coverage; Bank-fund cooperation; Government securities; Contractual savings; Asset diversification; Depositors; Corporate insolvency; Tax treatment; Authority; Legal framework; Securities; Pension funds; Subsidiaries; Knowledge based systems; Problem banks; Internal controls; Stock markets; Contingent liability; Portfolios; Competitiveness; Income levels; Insurers; Securities trading; Nonperforming loans; Capital flows; Financial system; Programs; Regulatory regimes; Bank lending; Capitalization; Housing finance; Systemic risk; Financial sector; Foreign exchange markets; Net interest margin; Interest income; Deposit insurance; Bank of mauritius; Electronic funds transfers; Economic activity; Fiscal deficits; Fiscal year; Bank supervision; Asset value; Fiscal; Emerging markets; Assessments; Annuities; Contractual savings institutions; Payment systems; Return on equity; Financial services; Banking system; Corporate governance; Labor demand; Wages financial systems; Macroeconomic stability; Regulatory framework; Capital requirements; Venture capital; Tax incentives; Services delivery; Bank solvency; Education sector; Life insurance; Internal audit

Licencia

http://hdl.handle.net/10986/14340http://creativecommons.org/licenses/by/3.0/World BankCC BY 3.0 Unported

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http://hdl.handle.net/10986/14340

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