Roi to vacate Mauritian governorship in January 2018

The Bank of Mauritius will have a new leader to steer it through 2018 when Rameswurlall Basant Roi’s three-year term comes to an end later this month.

First deputy governor Yandraduth Googoolye has been appointed by the nation’s president Ameenah Gurib to replace Roi. He will serve three years in the post beginning on January 15, 2018.

Googoolye is no stranger to the governor’s seat, having acted as interim governor twice: first between January and February 2007, and again from February to May in 2010.

The Bank of Mauritius Act states that in the absence of a governor, the first deputy governor will assume the role until a permanent appointment is made.

In his normal role as first deputy – a post he has held for 11 years – Googoolye overseas the research and economic analysis, financial markets and reserve management, and technology departments. He also has oversight over the currency directorate and takes an active role in policymaking on the bank’s monetary policy committee.

Googoolye’s career at the central bank began in 1981, 14 years after the bank was founded. Joining the ranks as an economist, he quickly moved into management, acting as the director for banking supervision from 1991 to 1997.

He then moved to oversee the central bank’s operations department before a reorganisation transferred him to the head of accounting, payment systems and budgeting.

It was in this role that he became the project manager for Mauritius’ first real-time gross settlement system, which was launched in 2009 in conjunction with fintech provider CMA.

President Gurib has appointed Renganaden Padayachy to take up Googoolye’s first deputy seat. Appointed to the board in 2015, Padayachy is the former manager of the economic analysis and industry division at the Chamber of Commerce and Industry.

Mahendra Vikramdass Punchoo was reappointed as second deputy governor, according to the same announcement. This will be his second term in office.

Inherited legacy

Roi, another career central banker, will leave the central bank with two periods as governor under his belt – albeit not consecutive ones. Prior to his most recent appointment in 2014, Roi had served as governor from November 1998 to December 2006.

Like Googoolye, his career at the central bank has spanned three decades. He first joined the bank straight out of university in 1976 as a research officer. Eight years later he was appointed assistant director of the research department before leading the department in 1987.

According to the central bank, during his tenure at the institution, Roi has been very closely involved with the establishment of the offshore banking sector as well as with the process of “liberalising and promoting” the development of the financial system.

“His involvement with international organisations as well as with players from various sectors of the domestic economy throughout his career has earned him enriching and wide-ranging experiences,” the central bank says.

Mauritius is often seen as a voice of stability in the region, and its financial sector is no exception. The Bank of Mauritius, under Roi’s leadership, has played a key role in augmenting regulatory oversight, while calibrating monetary policy to support growth.

Roi has also been laying the groundwork to improve the efficiency of the financial sector. The central bank has introduced a Deposit Insurance Scheme Bill, while plans to launch an asset management company to address non-performing assets is also underway.