Key repo rate to rise by 1.15 %
For the first time since 2017, the policy rate is increasing and is now at 3%. A decision taken by the "Monetary Policy Committee" of the Bank of Mauritius (BoM) this week. The aim is to control inflation. The BoM is thus following the global trend. The increase in the policy rate is expected to lead to economic growth of 7.4%, according to experts.
An increase in the key interest rate of 1.15% will also lead to an increase in interest on loans. For example, a home loan of Rs 2 million will incur additional interest of more than Rs 20,000 per year, or just over Rs 1,600 per month. The debt burden is therefore expected to increase at the household level.
Inflation is also expected to increase to 10.6%. A situation caused by the geopolitical tensions in the world.
Noise pollution : Fine of Rs 10,000 from October 1st
In an attempt to ensure that the existing regulations on noise pollution are respected, new regulations are being put in place. This mainly concerns buildings and vehicles. From October 1, the new noise pollution regulations will be enforced and non-compliance could result in a fixed penalty of Rs 10,000, instead of a fine not exceeding Rs 50,000.
The law has been amended to include so-called domestic buildings, i.e. residential houses, as in many cases houses or garages are converted into woodworking or welding shops and the machinery in them produces noise which is disturbing to the people living in the vicinity, as the decibel level is not controlled. This also applies to workshops, village halls, wedding halls or a multi-purpose hall used to host various types of events. There are also motorcyclists with modified exhausts.
From January to August 2022, no less than 1,046 noise complaints were registered.
