What does BOM mean in BANKING
The Bank of Mauritius, also known as BOM, is the central bank of the Republic of Mauritius. Founded in 1967, it is responsible for issuing currency, managing foreign exchange reserves, and supervising and regulating the banking system. BOM also acts as an adviser to the Government on issues related to monetary policy, economic policy, and financial sector development. Its primary objective is to contribute towards maintaining price stability and promoting a sound financial system.
BOM meaning in Banking in Business
BOM mostly used in an acronym Banking in Category Business that means Bank of Mauritius
Shorthand: BOM,
Full Form: Bank of Mauritius
For more information of "Bank of Mauritius", see the section below.
BOM Meaning in Business
BOM stands for Bank of Mauritius in business and finance contexts. It is primarily tasked with managing the country’s foreign exchange reserves and issuing currency notes. It also plays an important role in developing a sound financial system by setting guidelines for local banks and monitoring their performance. Furthermore, it assists the government in decision making concerning monetary policy decisions such as rate hikes or cuts as well as other economic policies like fiscal management.
BOM Full Form
The full form of BOM is Bank Of Mauritius which was established in 1967 under the Central Bank of Mauritius Act 1966 (as amended). The main purpose of this institution is to ensure macroeconomic stability while providing support to both public and private sectors through a prudent issuance of money supply, foreign reserves management, implementation of mandatory credit control measures and formulation of regulations that protect consumer rights..
Essential Questions and Answers on Bank of Mauritius in "BUSINESS»BANKING"
What is Bank of Mauritius (BOM)?
The Bank of Mauritius (BOM) is the central bank of the Republic of Mauritius. It was established in September 1967 and is responsible for formulating and implementing monetary policy, maintaining financial stability, promoting sound banking practices and facilitating the orderly development of the Mauritian financial system.
What are BOM’s main functions?
The main functions of BOM are to formulate, implement and monitor monetary policy as well as maintain financial stability, promote sound banking practices, manage foreign exchange reserves, regulate and supervise banks and non-bank financial institutions including money services businesses.
How often does BOM review its monetary policies?
BOM reviews its monetary policies regularly in order to ensure that it meets its objectives efficiently to support economic growth while at the same time maintaining price stability.
Who are eligible to open an account with BOM?
Individuals who are above 18 years old with a valid ID card or passport can open an account with BOM. Additionally, companies registered in Mauritius are also eligible to open an account with the Bank of Mauritius.
How can I access my account information from BOM?
You can access your account information via Internet Banking from any computer or mobile device with internet connection. Alternatively, customers may obtain a statement or view their account information through Contact Centre by calling 2040-2020 or visiting any one of our branches.
Does BOM offer credit cards and debit cards?
Yes, Bank of Mauritius offers a variety of Visa credit and debit cards that enable customers to make transactions both online and offline without any hassles or distractions.
Does BOM provide loans for individuals or companies?
Yes, Bank of Mauritius offers a range of loan products for both individuals as well as registered companies which include term loans, personal loans mortgage loans etc., depending on the needs and requirements based on eligibility criteria set forth by the bank itself.
Does BOM have an Islamic banking product available?
Yes, Bank of Mauritius offers Islamic financial products such as Murabaha Deposit Account (MDA) which provides depositors with fixed returns based on predetermined terms and conditions.
Final Words:
In conclusion, BOM stands for Bank Of Mauritius which is one of many central banks around the world that are tasked with ensuring macroeconomic stability by setting guidelines for local banks and monitoring their performance while providing support to both public private sectors through a prudent issuance of money supply foreign reserves management implementation of mandatory credit control measures and formulation policies that protect consumer rights.
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