Reading back through our archives, the main argument for introducing such a high-value banknote was that it would help people conveniently pay for large household purchases, like cars, whitegoods, etc. It is yet another sign of just how much the world has changed. Today, most of us don’t need banknotes to make these types of payments.
In a world fraught with risks it’s imperative to have a framework for ensuring effective coordination with host countries through properly defined Memoranda-of-Understanding (MOUs). The Bank of Mauritius has signed MOUs with seven domestic authorities and with thirteen overseas regulators where local banks conduct business.