New central bank governor appointed

Mauritius has appointed longstanding International Monetary Fund economist Priscilla Thakoor as its new central bank governor, after the previous governor was asked to step down following divisions at the bank, reports CNBC Africa. Thakoor’s appointment is for a period of three years from today, the President’s Office said, adding that Ramsamy Chinniah had been named second deputy governor of the Bank of Mauritius. Prime Minister Navin Ramgoolam said over the weekend that former central bank Governor Rama Sithanen’s position had become untenable, after which Sithanen resigned. The previous second deputy governor resigned on 29 August after clashing with Sithanen’s son, whom he accused of trying to meddle in the running of the central bank. Sithanen said the accusations against his son were false. Thakoor worked in the IMF’s Fiscal Affairs, Western Hemisphere, and Middle East and Central Asia departments, among other roles. Mauritius markets itself as a link between Africa and Asia, deriving a large chunk of revenue from its offshore financial sector as well as tourism and textiles. Its public finances have been under scrutiny since Ramgoolam, who was elected last year, accused the previous government of falsifying gross domestic product, budget deficit and debt figures for years.

Full CNBC Africa report