Looking at developments in the money market since February 16, when the negative interest rate started to be applied, although there were no transactions with a negative uncollateralized overnight call rate on that day, there have been uncollateralized overnight call transactions with a negative interest rate since February 17, and the weighted average rate has been negative.
It is a greater pleasure still to see that Government securities have finally found their way to the Stock Exchange after several timid attempts made in the past. Indeed the Bank of Mauritius has been striving for more than a decade to develop a secondary market for Government papers.