It did however produce a general rise in interest rates that slowed the American economy and induced foreign central banks [who were constrained by gold standard rules to match American tightening] to raise their rates. Tighter credit then contributed to the beginning of a recession that was picked up in the mixed economic indicators of early August and September.
I am delighted that we have with us on this occasion our special guest Dr Paul Acquah Governor of the Bank of Ghana. We are here for the finale of the celebrations of the 40th anniversary year of the Bank of Mauritius. I should add our congratulations to the Mauritius Bankers’ Association, who are with us in strength tonight, also in their 40th year.