I have invited you here this morning to comment on the decision taken by the Monetary Policy Committee (MPC) yesterday. I will also answer your questions. As usual, I have by my side my two fellow deputy Governors, who are also members of the MPC, and you may set your questions directly to them if you wish.
It would be good to place the final decision of the MPC in its proper context. The context brings us to the end of last year, when, at the meeting of September 2010, the MPC had decided unanimously to lower the Key Repo Rate by 100 basis points because the Mauritian economy was showing signs of slowing down and business sentiment was gloomy.