Outstanding Bank of Mauritius instruments stand at Rs111 billion as at today, an increase from Rs85 billion on 8 July 2020. 45. Excess liquidity dropped recently as a result of the net issuance of Bank of Mauritius securities and regular interventions on the FX market. Interbank transactions remained relatively low, as most banks have an excess rupee position. 46.
Several central banks had started reviewing their monetary policy framework, even before COVID-19 in a context of low interest rate and below-target inflation rate. Given the current context and changing dynamics, the Bank will bring up to date its monetary policy strategy. Financial stability 47.