harvesh seegolam : launch of the imf monetary and capital markets department & africa training institute online course on core elements of banking supervision speech by mr harvesh seegolam, governor of the bank of mauritius, at the launch of the imf monetary and capital markets department & africa training institute online course on core elements of banking supervision, port louis, 12 april 2021. * * * ladies and gentlemen, good morning and a very warm welcome. it is my pleasure to address you today virtually in the context of this seminar on “ core elements of banking supervision ”. i wish to thank mr wane, the director of imf africa training institute, and mr mohan, expert for the imf on banking supervision at afritac south, for facilitating this seminar. the course, crafted for supervisors who recently joined the world of central banking, has indeed evolved into a flagship program of the imf. it surely reflects the importance of capacity building in banking supervision. i must say that this course is very topical as african countries, just like other nations across the world, are grappling with covid - 19 which is straining not only financial institutions but also supervisors. ladies and gentlemen, the covid - 19 crisis has underlined the frontline role of central banks as providers of immediate response to economic wildfires. indeed, central banks have demonstrated their capacity to muster substantial financial resources rapidly. since march 2020, the bank of mauritius has been actively mitigating the impact of the pandemic on the financial system. in addition to swift monetary policy actions, a blend of conventional and unconventional measures was introduced under the bank ’ s covid - 19 support programme. the measures aim at providing flexibility to banks and economic stakeholders, and safeguard the economy. to support businesses, a special relief amount, a special fx line of credit and swap arrangements for import - oriented businesses were introduced. the setting up of the mauritius investment corporation was a milestone in our endeavour to protect the economy by avoiding the collapse of covid - impacted systemic businesses. capital preservation and regulatory forbearance are other important tools adopted by the bank. in that regard, guidance was given to banks and non - bank deposit taking institutions on the application of ifrs 9 in the current context. optional transitional arrangements were provided for the regulatory capital treatment of ifrs 9 provisions. the cash reserve ratio was lowered, and the implementation of the last tranche of the capital conservation buffer was extended. the bank of mauritius

gender equality. women play an important role in the economic development of a country. at the global level, gender equality was reflected by the g 20 leader's declaration where the need for women and youth to gain access to financial services and financial education was recognised. oecd studies have also highlighted that women have lower financial knowledge than men in a large number of countries. as we work towards the promotion of an inclusive society, financial education and consumer protection are vital components to promote gender equality. 4 / 5 bis - central bankers'speeches i would like to commend the oecd for its work on gender equality. the recommendation of the council on gender equality in education, employment and entrepreneurship is a right step in the financial empowerment of women and girls. as regulators, we must ensure that the requirements of women are factored in our consumer education and consumer protection strategies to address the additional financial literacy needs that women may have. to conclude, i will say that creation of a conducive policy environment is a sine qua non condition for adoption of novel technologies. while we should endeavour to promote the digitalisation of payments, we must also focus on enhancing consumer protection frameworks and regulations to ensure that financial service providers adhere to safe and fair practices. i will encourage other central banks to become a member of finconet for a good cause benefitting our population. at the same time, i seize this opportunity to remind all financial institutions to play their roles fully in ensuring that customers are treated fully and provided with accurate information. i thank you for your attention and wish you successful deliberations for the rest of the day. 5 / 5 bis - central bankers'speeches