In a very recent speech, the Prime Minister stated that “financial services are well positioned to be the engine of growth in the development of the services sector as a whole”. Introduction By virtue of my position, I shall reflect on the topic of the day from the central bank’s perspective whilst also tracing out progress achieved to date.
Basically financial sector developments refer to developments in three pillars, namely financial institutions, markets and supporting infrastructure. I shall focus on how I see the evolution of each pillar over the next few years, starting with financial institutions. Financial institutions The financial system in Mauritius, as in most developing economies, is still dominated by banks.