So said a communique issued by the Bank of Mauritius. The Central Bank is not happy with the way the forex market functioned on some days last month and has hired Insight Forensics Ltd to investigate the matter.
The bank has also invited anybody who can help the investigation to get in touch by e-mail.
You do the job and 'Insight Forensics Ltd' will get the pay. That's Mauritius !!
ReplyDeleteMissier Bhadain pé faire l'enquète, ek annonce-la ressembler enn appel à l'aide (fishing for evidence?). A-kott The Banker vou-zott? Bizin li la!
ReplyDeleteHere is more nonsense from JCDL's paper about the alleged manipulation in the FOREX market: "Dans le contexte d’un déficit conséquent du compte courant il est attendu que la monnaie devrait se déprécier."
ReplyDelete1. Manipulation can happen in all kinds of market structures. Recall how Salomon Brothers cornered the US Treasury Market.
2. When we get FDI our currency is suppose to appreciate. At least it's expected to stay flat. But it is definitely not expected to lose any value.
The Banker sinn fini bes lamin, ki ou pense?
The communique said 'suspects' and its just un 'effet d'annonce' with no real impact apart that taxpayrs money is being thrown to the bin by Sir Bheenick, the evil is not in the spread if you are referring to the ultimate purchasing power of consumers, its much more within the irrational way of doing business by retailers, who will never highlight windfall gains when rates move their way. Banks are here to stay and i doubt spread will be reduced to please the insignifiant players that you are, however can a financial ombudsperson do the trick, that another question if it will ever happen, until then i am enjoying the massive profits by current employer through fx income, hope the bonus pot is as big as last year, hahaha ....
ReplyDelete@ The Banker:
ReplyDeleteMerci infiniment pou ki ou'nn acknowledge "the irrational way of doing business by retailers, who will never highlight windfall gains when rates move their way."
We'll now try to check if the present Ombudsperson can handle this kind of affairs for safeguarding intersts of mere mortal "novice"/"insignificant players" like us.
Until a law allowing "class actions" is promulgated, enjoy your hard-earned profits and bonus.
Cheers!
@The Banker: Banks are of course here to stay but who likes to be ripped off? If you do like being taken for a ride then maybe we could arrange for, let's say, you to pay petrol prices 20% higher than their already abusive levels.
ReplyDeleteI wouldn't bet against our ability to snowball the good news if I were you.
Excellent last two comments ! Good job.
ReplyDelete@Sanjay
ReplyDeleteIt's not ripping off, its business done within a legal framework and as far as I know there are no legal impediments on any banks in this country to charge COMMERCIAL FX rates. It's a business like any other business where the spread represents the cost of the service on offer and most importantly the hedging risk that such risky business entails. Being in a free market if you don't like the rate you just pick and choose what fits you or better still, transform your blatant concerns into concrete actions , which i doubt you will do in this society under anesthesia .... just raise in in the public domain and see what happens as not sure if your blog is that popular that will highlight the comments exchanged to a maximum of potential clients, triggering a complete shift in the 'money changer' way of doing business .. anyway, wishing you and the gang good luck and hope to see your actions, concrete ones, shortly ....
@The Banker: it's not because it's legal that it's not abusive. Not too sure the spread is covering cost of service and providing insurance for attendant risk of business only. The free market is far from being perfect and conversations among citizens will make it work better for us. And the competition competition will be taken to task.
ReplyDeleteI'm not sure if you've noticed but this is not a private blog. And friends have already reported that they've acted on the information we've provided and will tell more friends. Just imagine this being replicated virally.
Kozelidir is popular enough to have a worried Banker leave comments...
The Banker should not underestimate the network potential of KOZELIDIR... I won't say more than that !
ReplyDeleteHey Mr Banker are you sure you are not living in a bunker? Enjoy the rip-off while it lasts. But reality will end up catching you, if it is not the Competition Commission (when it wakes up to your abuse).
ReplyDeleteThe Banker's comments should not be taken lightly. They are sufficient proof that the same forex speculators and bonus raiders are fully deployed in the country with dire consequences for the economy. The Bank of Mauritius, the Ministry of Finance and the Competition Commission should join forces and face the situation with drive and determination.
ReplyDelete@ The Banker:
ReplyDelete"most importantly the hedging risk that such risky business entails"
Ah? So risky that despite the problems with the Euro all money changers have chosen to remain silent (silently wallowing in the obscene profits of their risky business)...? Come on... Ar nou-mem....?
OK, no problem, I agree that some business are of (very) high value-added potential. For example precision watch-making, bio-medical products, high luxury craftmanship etc, where pricing patterns do not follow rational criteria, but more of perceived (highly subjective) sense of value. But I fail to understand how much risk is passed on to the common man who just needs to use hard cash in another country.
In any case, just don't underestimate the snowball effect of this blog...
Hmm. Serious stuff going on here...
ReplyDeleteKozemotande is right: there should be a concerted action by FSC, BOM and Ministry of Finance to set things right.
Let's see if by 31 Dec 2010, whether things in regards to the supposedly abusive practices would have changed ..... believe me its lots of blablabla from your part and no concrete market reaction, this is a legacy that you and grand children will need to live with, same thing as our rotten political system with 'petits copains' posted at important institutions, to regulate markets, good examples are those in charge of the fsc, bom or whatever and who you guys believe will dare changing things, aret rever camarade ....
ReplyDelete@ The Banker:
ReplyDelete"aret rever camarade ...."
Dakor nett! I'll listen to your advice, parski "The best way to make your dreams come true is to wake up."
- Paul Valery
@The Banker: ou paret byen trakase pu seki ou pe konsider kuma bann bla bla bla.
ReplyDeleteKi ou pense de 1er aksyon de nu competition commission?
@Sanjay
ReplyDeleteCompetion Commission, another bouledogue sans dent, the icac way, i wonder if competition was healthy in the selection for that guy ..
"Langue de bois" or aspiring politician, R Dajee parle beaucoup pour ne rien dire. And gets slapped in the face by N Jassodanand's questionning the spread.
ReplyDeleteDajee does not know why Greece got into problems??? Or he doesn't want to know??? It is never too late to find out.
ReplyDeleteHe also wants more inflation so that we get more investments??? Oh boy where did he get that from???
No wonder he does not know what went wrong with Greece. But we have to remember he is an MMM boy who got postings as GM of the STC and of the CEB so when moustasse says inflation is not a priority the lad has to remember why parrots exist.
Quite refreshing to read mr Jasodanad's letter.