Bank of Mauritius wins Award for Best Central Bank Governance - Indian Ocean
The London-based Capital Finance International (CFI.co) magazine has, this year again, conferred upon the Bank of Mauritius its award for Best Central Bank Governance - Indian Ocean.
The award, which covers the whole of the Indian Ocean region, was bestowed upon the Bank of Mauritius in the wake of a critical assessment based on media analysis, corporate leadership, academia and extensive data collected by the Award body's own research team. Management approaches, corporate governance, transparency and innovation are amongst the key criteria for the award process.
In its congratulatory remarks, the judging panel stressed on the fact that "the Bank has taken a hard stance on governance policies, adopting best international prudential standards and exacting monitoring procedures paired with innovative solutions to ensure its regulatees are adequately capitalised with sufficient liquidity buffers". The panel has noted the "fact that ninety percent of the capital base of commercial banks is in the form of Common Equity Tier 1 capital is testimony to the success of the Bank's endeavour to adhere to international best practices" and that "the Bank of Mauritius is currently implementing a stringent risk-based supervisory framework for more efficient, effective and forward-looking outcomes".
The judges have also commended tao taken note of the Bank's commitment "to transforming the Mauritian society into a financial literate one" and that the "financial literacy programme launched this year has helped raise public awareness on central banking, monetary policy, currency, the importance of a savings culture and smart and safe investments".
In recognition of "its exacting regulatory framework, new Fintech solutions, and customer outreach efforts", and building on the Bank's successful win in 2017, the CFI.co judging panel has confirmed the Bank of Mauritius as winner of the 2018 award for Best Central Bank Governance - Indian Ocean.
For Bank of Mauritius Governor Yandraduth Googoolye, "this award underlines the Bank's sustained focus on building a resilient, futuristic and more inclusive banking industry. It also translates the spirit of dialogue that the Bank has successfully established with its public and private stakeholders. This accolade equally pays tribute to the judiciousness of the Bank's policies and regulatory stance. This second CFI.co award is a well-deserved reward for the Board of Directors and our staff - who unflinchingly focus on embedding international best practices at all levels to fulfil the mandates of the central bank."