News at a glance: interest rate hike for bank loans

Expat news
Published on 2023-01-27 at 08:19
The increase in the Repo rate is not without consequences. This has led to an increase in interest rates for bank loans. Also in the news, the sun is expected to come out again over the weekend.

Repo rate hike: increased interest for bank loans

The new interest rates for bank loans are now between 1.5% and 24% in Mauritius. The increase is due to the Repo rate being raised five times in 2022. Of the eight sectors affected by these increases, households, trade and information and communication loans will suffer the most. The new interest rates are as follows: agriculture, forestry and fishing (between 1.5% and 10%); manufacturing (between 3% and 17.2%); construction (between 1.7% and 15%); trade (between 1.5% and 17.9%); hotels and restaurants (between 4.95% and 11.25%); information and communication (between 6% and 15.9%); real estate (between 3.25% and 10.55%); households (between 1.5% and 24%).

Heavy showers: water levels in reservoirs are improving

The heavy downpours of the last few days were greeted with some relief. Indeed, the water level in the reservoirs had dropped drastically and the situation was critical. Some reservoirs had even reached a filling rate of less than 30% and even 20% for the one at La Ferme. But in the last ten days, the water level has increased by more than 5%.

As of Thursday the 27th, however, the filling rate of our seven reservoirs was 38.8%, compared to 76% at the same time in 2022. According to the latest figures, the Mare aux Vacoas reservoir was at 43%, La Nicolière was 62.9% full, and Piton de Milieu was at 58.5% of its capacity. The Mare Longue reservoir was at 59.9%. On the other hand, those of La Ferme, Midlands and Bagatelle were at 27.3%, 29% and 34.9% respectively.

Weather: Better weather conditions over the weekend

We haven't seen the sun much this week. But Mr Sun could take a peek at us during the weekend. The weather should indeed improve on Saturday. Although, localized showers are forecast for parts of the island on Saturday and Sunday. If you have planned any outings at sea, it would be wise to cancel them. The sea will be rough. 

If anything, however, during thunderstorms, it is advised to stay under cover and avoid the plains, hiking, going out to sea and not taking shelter under trees. Avoid places subject to water accumulation, the edges of rivers and other watercourses that could be in flood, as well as mountainous slopes subject to landslides. Also, be very careful on the roads due to reduced visibility due to heavy showers and fog.