The Mauritian Rupee has enjoyed a remarkable rise, powered mainly by tourism, which surged it to its best quarter in over a decade. According to financial reports, such performance translates into the strongest quarterly growth of the currency in 13 years, spurred by a sharp increase in visitor arrivals to the picturesque Indian Ocean island nation.
Tourism, on which a big share of the economy of Mauritius relies, actually shows a very encouraging rebound with travel restrictions easing globally and returning tourist confidence. The small tide of international tourists-inbound mainly from Europe, South Africa, and India-has brought a much-needed stimulus to the economy, which is reliant so much on the revenue generated by the tourism sector in Mauritius.
MTPA data show that tourist arrivals have sharply increased during this quarter when compared to the same period in the prior year. This revitalization has been felt on a local business level, where operations have been boosted, but foreign exchange earnings also increased, benefiting the Mauritian rupee directly.
Economists and market analysts are quite optimistic about the continuing uptrend in the Mauritian rupee, mainly because of unabated tourism activity. They also point out some strong initiatives that the country has come up with to improve connectivity pertaining to travel, infrastructure related to tourism, and promoting Mauritius as a holiday destination.
These, combined with other factors such as visa relaxation for various countries and strong marketing campaigns in European and Asian markets, paid off substantially. As a matter of fact, these are considered key determinants of continuation of this upward trend of the tourism sector and, consequently, further strength in the Mauritian rupee.
The positive effect of this growth is reflected in many other sectors that are greatly linked to the economy. Hospitality, recreation, and service industries are thriving and thereby contributing to the economic stability and growth of the whole country.
It is hence expected that this trend would be carried on further, with the tourism sector being right in the middle of the economic boom. The incredible appreciation of the rupee is testimony to the fact that the country has planned its economy strategically and implemented these plans quite well in the tourism sector.
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Author: Rachel Greene
