Of course, we cannot directly measure how much labour Canadians want to supply to the economy. We have to infer this measure by looking at actual participation rates and the hours actually worked each week. But these two variables tend to fluctuate with the ups and downs of the economic cycle.
To contain the growing level of excess reserves, we revisited our approach to monetary operations with the introduction of new longer-term Bank of Mauritius instruments. In August and September 2010, we issued Bank of Mauritius Bills with maturities of 91-Day, 182-Day and 364-Day and Bank of Mauritius Notes of 2-Year, 3-Year and 4-Year maturities.