The banking industry is highly profitable, underpinned as it is by a sound regulatory framework and a supportive monetary policy geared to macroeconomic stability. The entry of new banks, and the expansion of the local and regional branch network of existing banks, has combined to instil a new dynamism in the industry.
We are in the final stages of rolling out Islamic banking and financial services which, we believe, represent a new window of global business opportunity for Mauritius. Since April 2007, a new era of monetary policy-making has also dawned at the Central Bank with the establishment of an independent Monetary Policy Committee, which comprises members from outside the country.