In 2004, a thoroughly updated version of the Bank of Mauritius bill and a banking bill were put forward for enactment. Whereas in the previous Act, the Minister of Finance could give directives to the Bank, in the new Act, this power to issue directives to the Bank was done away with. The Bank of Mauritius was given full independence.
A major review of the Bank of Mauritius Act and the Banking Act 2004, aligned to the Deposit Insurance Scheme bill and the National  7  Payments System bill, is practically over. The draft bills are being given final touches.