The Mauritian banking structure is a fairly simple one, with banks mobilizing deposits in traditional ways and the lender knowing the borrower. The simple structure and traditional banking values, allied with normally non-intrusive regulation, have also contributed to the resilience of our banking system. Let me come to my final point – the Gold Bar project that H.E.
The President, will be launching later tonight. We have witnessed the domestic savings rate halving from 29% in 1992 to 14% currently. This is partly in response to continued negative real interest rates on saving deposits. The outlook for normalising rates in the near future is not encouraging.