Once an economic system is on a path of financial sector reform, the process is self-reinforcing; it cannot be stopped as one measure of reform engenders other reforms. The Mauritius Credit Information Bureau launched on Wednesday last is an innovative step that is expected to go a long way towards imposing discipline in the credit market.
In the longer term this Bureau will definitely play a catalytic role in improving the quality of our financial sector. Let me clear one misconception. The Bureau is a repository of credit information on borrowers. When processing application for loans banks are required to consult the Bureau through an electronic network before deciding whether or not to approve the application for the loans.