Close links between sovereigns and banks threatened the stability of the entire banking sector in some countries. While impairments to the transmission of monetary policy eased in some countries, they became entrenched and more acute in others. Fractures in transmission – a new phenomenon since the start of EMU – appeared along national borders.
The new software for the Mauritius Automated Clearing and Settlement System (MACSS) was the step in this direction with which, we have been able to provide extended services in multi currency – a premiere in Africa.