Let me sketch the broad outlines of the Bank’s policies and actions during the past five years, which flow from this overriding consideration. 10. Monetary Policy At the very start of my tenure as Governor, I set out to remedy what was, to my mind, a major flaw in our approach to monetary policy decision-making.
Although it had been three years since the new Bank of Mauritius Act had been enacted, with explicit provision for the creation of a Monetary Policy Committee (MPC), the interest-rate decision process had remained unchanged. One of my first moves as Governor was to establish this Committee, which was officially launched in April 2007.