Monetary authorities surprised with a 50-bps interest rate increase during its first meeting of the year. Committee members stated that central banks around the world are following divergent stances based on their own inflation and economic growth outlooks while flagging that the US Fed has followed a more cautious approach than markets were expecting. We expect the Fed to deliver only one interest rate cut this year (in December), instead of three as previously anticipated. Given the cautious stance of the local monetary authorities, we predict that Mauritius's interest rate will remain stable at 4.5% for the rest of the year.
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