In such an environment, it is vital that all economic players in our economy tune in their concerted efforts and it is expected that the gains from the recent appreciation of the Mauritian Rupee be fully passed on to consumers. As you are aware, we have since November 2007 been purchasing a large amount of foreign currencies on the domestic foreign exchange market.
Simultaneously we have been issuing our own instruments, BoM Bills, to sterilise the Rupee counterparts. You will realise that these foreign currencies are invested abroad at interest rates currently prevailing on international markets. The BoM Bills are issued at a much higher rate. Recently some enterprises have been complaining of lesser profits being realised.