Allow me, Ladies and Gentlemen, to briefly comment on a couple of issues that are on the minds of everybody these days. In one of his recent speeches, US Federal Governor Frederic Mishkin said, and I quote, “The ultimate purpose of a central bank should be to promote the public good through policies that foster economic prosperity”. Unquote.
This is specifically what is also required for the Bank of Mauritius. The primary objective of the Bank of Mauritius as laid down in the Bank of Mauritius Act is to maintain price stability and to promote orderly and balanced economic development. These two objectives are obviously connected since preserving price stability encourages stronger economic activity in the long run.