Graph 6  Changes in Outstanding Mortgage Rates* Month preceding first policy rate increase = 0** bps  bps Norway  200  200 Australia  150  150 NZ  Canada  100  100  50  50 UK  0 -50  0  0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 * **  -50  Data for Canada and NZ to January, remainder to February.
The dual-licensing regime was done away with. One of the most meaningful developments, yet unrecognized, in the Mauritian economy over the last 27 years has been the introduction in 2004 of a single license regime for banks operating in our jurisdiction.