Simultaneously we have been issuing our own instruments, BoM Bills, to sterilise the Rupee counterparts. You will realise that these foreign currencies are invested abroad at interest rates currently prevailing on international markets. The BoM Bills are issued at a much higher rate. Recently some enterprises have been complaining of lesser profits being realised.
We, at the Bank of Mauritius, are very much concerned about the performance of the enterprises operating in the real sector. You will recollect our first meeting with Mauritius Export Association (MEXA) in the first week of January 2008 where in an attempt to help those enterprises, we offered to buy foreign exchange from them.