Mauritius plans to launch a trading platform to hedge African currencies against the US dollar, part of a bid to expand its role as a financial hub for the continent, the financial services minister said.
The Indian Ocean island is also in talks to boost ties with stock exchanges in Johannesburg and Nairobi to encourage cross-listing of shares and other areas of cooperation, Sudarshan Bhadain told Reuters in an interview.
The Kenya shilling is down 14 per cent this year, the Tanzania and Uganda currencies are down more than 20 per cent while the Zambian kwacha is down 26 per cent against the US dollar.
The international financial services sector in Mauritius has relied heavily on dealings with India, helped by a double taxation avoidance treaty that made the island the biggest route for foreign investment into India. Read more. Source | The East african