It is inappropriate to speculate that a deliberate step to cause the rupee to depreciate is in the policy agenda of the Bank of Mauritius. This perception is incorrect. World price of oil has attained unprecedented levels. It will evidently impact on the domestic price level. A depreciation of the rupee, triggered by oral stimulus, would exacerbate inflationary pressures in the economy.
Ladies and gentlemen, having said that let me reiterate my support to the Board of Directors and the management of the IOIB for the efforts they have been putting in so far to steer the bank out of troubles. I wish them the very best of success. Thank you. 2  BIS Review 49/2004