The commitment to a policy framework that is transparent about objectives and forecasts was helpful, in many instances, in managing those expectations and thus in making monetary policy both more predictable and more effective during the past few years than it might otherwise have been.
To ease the situation, the Bank of Mauritius intervened both in the rupee market by conducting repo transactions in quick succession and on the foreign exchange market by selling foreign exchange and our last intervention was on 6 October when we sold USD20 million.