Indeed, it is by virtue of this very last role – maintaining the clearing, payment and settlement system that we take an interest in cards, in the broader context of maintaining financial stability. Mauritians increasingly use cards to make payments. In recent years plastic cards (credit, debit and other cards) have gained wide acceptance and their use has become popular in the country.
Banks became uncertain about the underlying health of other banks, bringing market funding to a sudden stop. Globally, central banks intervened forcefully and in a coordinated manner so as to provide essential liquidity to the banking sector.