MAURITIUS COULD HAVE OFFSHORE BANKING BY JANUARY
Mauritian Finance Minister Seetanah
Lutchmeenmaraidoo said the island's first offshore bank could
open in January 1988.
    The minister was announcing the creation of a committee of
eight economists to look at ways of encouraging foreign
investment, especially offshore banking.
    The committee, part of the government's plans to make
Mauritius an international financial centre, is expected to
submit its recommendations within three months.
    Lutchmeenmaraidoo also circulated a white paper on
legislation to set up a stock exchange on the island.
    He said the exchange would be a powerful instrument of
economic democratisation and the legislation would include
incentives to encourage shareholding by a wide public.
    The government would also introduce a bill to protect
investors and set up a vigilance committee with powers to
suspend any company from the stock exchange, halt trading in
its shares and take punitive measures for illegal practices.
    The stock exchange would probably become fully operational
in the next five to 10 years, he added.
 REUTER
