3 bis - central bankers'speeches relevance to the banking sector. the items on the agenda are practitioner - focused and facilitated by highly experienced personnel who offer first - hand knowledge and experience. i will, therefore, urge all of you to extract maximum benefit and make the different sessions as interactive as possible. i am confident that the three days intensive training will enrich your knowledge and widen your perspective. the topic of the day, namely basel iii reforms, is highly seminal as it germinated from a sad reality of modern finance : the 2008 global financial crisis. basel iii represented a long - running but fundamental overhaul of the global regulatory capital regime and focused on quality of capital. while parts of the basel iii standards have already been implemented, some have been refined over time and are sometimes referred to as basel 3. 1. the new standardised approach introduces more granularity and risk differentiation to the capital requirement calculations. other amendments pertain, among others, to market risk, credit valuation adjustment, leverage ratio framework and operational risk. the primary objective of the revisions to the current framework is to improve the reliability of capital ratios, by making standardised approaches more risk - sensitive, addressing limitations of internal models, and restricting the benefits that internal models can provide by introducing an'output floor '. this would improve both the measurement of risk and the comparability across firms. these changes are set to fundamentally alter the market dynamics and might require banks to reassess their strategies to ensure optimal use of capital. as with major reforms, the bank of mauritius favours a consultative approach with its regulatees. the presence of commercial banks over the three days bears ample testimony to this. all of us will be provided with the crux of the reforms as well as the possible challenges and impact. as commercial banks will be required to implement same, i would expect that their representatives raise the practical issues that they could potentially face with the experts for their opinions. i wish to underline that, as an international financial centre of repute, mauritius subscribes to the adoption of international standards and best practices. basel iii is the norm for the banking industry, and it is imperative for us to complete the necessary reforms to maintain our competitive edge and preserve the reputation of our jurisdiction. ladies and gentlemen, the banking sector has remained resilient despite the impacts of the pandemic, volatile currency markets, regional liquidity issues in hard currencies and rising interest rates. i am convinced that part of the secret

harvesh seegolam : current economic conditions and outlook statement by mr harvesh seegolam, governor of the bank of mauritius, at the post monetary policy committee ( mpc ) press briefing, port louis, 3 april 2024. * * * ladies and gentlemen, members of the media, good morning. i welcome you all to this press briefing for the 70th sitting of the monetary policy committee, the first for 2024. this year shall be remembered for many reasons. the efforts spearheaded by the authorities in the previous years to overcome the crisis, to further consolidate our underlying economic structure and to top it up with the right policy mix, have borne fruits. our economic agility and recent performance have been largely praised by international organisations. let me share some of the upshots of the latest reports of the mauritian economy undertaken by major international institutions : the imf, following the 2024 article iv consultations, stated in its press release that the prompt deployment of pre - pandemic buffers has helped the mauritian economy rebound strongly from the pandemic and that growth prospects remain favourable. inflationary impulses have subsided in 2023 and are projected to ease further this year. moody's, in its january 2024 credit opinion, has maintained the country's baa3 credit rating with a stable outlook. this stable rating outlook reflected mainly the agency's favourable assessment of the country's fiscal and debt metrics as well as sizeable foreign reserves which provide a cushion against external vulnerability risks. the march 2024 country report of the economist intelligence unit also paints a very optimist outlook for mauritius, with growth expected to remain buoyant in the near term and inflation maintaining a downtrend. d. fitch ratings, in its 2024q1 banking and financial services report, assessed that mauritius ranks high relative to its regional peers for being politically stable, coupled with an improving internal balance amidst recovery in the tourism sector and subsiding price pressures. these plaudits have one common thread. they all point towards favourable growth and inflation outlooks for 2024. they also enunciate on the key role played by the bank of mauritius in macroeconomic stabilisation and safeguarding our financial system. before i zero - in on our diagnosis for 2024, let me first walk you through the latest global and domestic economic and financial developments. after that, i shall conclude with the decision taken by the mpc today