moody ’ s investors service upgraded mauritius ’ s foreignand local - currency government bond ratings to baa1 from baa2, with a stable rating outlook in june 2012. inflation was on a declining trend and the rate of unemployment remained virtually unchanged. our public sector debt to gdp ratio has hovered below 60 per cent over recent years. this is no mean feat for a small open island economy like ours. the banking sector continued to expand and recorded solid profits in spite of the difficult global conditions. in the financial year ended 30 june 2012, profits after tax increased to rs12. 6 billion from rs11. 9 billion in the previous financial year. banks held high levels of capital — the capital adequacy ratio of the banking sector stood at 15. 9 per cent at end - june 2012. the ratio of non - performing loans to total loans ( npl ) for domestic assets increased from 4. 3 per cent at end - june 2011 to 5. 1 per cent at end - june 2012. the npl for overseas assets of the banking sector moved from 0. 6 per cent to 1. 5 per cent. the overall npl ratio stood at 3. 1 per cent at end - june 2012, up from 2. 3 per cent at end - june 2011. in the following paragraphs, i will review the main policy actions taken over the period. • after four years of operating experience, we reviewed the functioning of the mpc. we enhanced transparency with the publication of the minutes of the mpc meetings and the pattern of individual votes beginning with the mpc meeting of december 2011. legislative amendments severed the formal links of the mpc with the bank ’ s board of directors. the mpc was reconstituted in march 2012, with four members from the bank and five external to the bank, including two foreigners. the focus of monetary policy continued to be the maintenance of price stability while ensuring a balanced and orderly economic development. i maintained a regular dialogue with stakeholders, as much to gain deeper understanding of the domestic economic outlook as to foster better understanding of the bank ’ s policy stance. our monetary policy framework has gained in credibility and we have been successful in anchoring inflation expectations. during the year under review, the year - on - year and headline inflation measures showed signs of moderation, at 3. 9 per cent and 5. 1 per cent, respectively, as at june 2012. the monetary policy stance was eased as from the second semester of 2011 on concerns over the

rundheersing bheenick : first commemorative platinum coin of mauritius address by mr rundheersing bheenick, governor of the bank of mauritius, on the occasion of the launching ceremony of the first commemorative platinum coin of the “ father of the nation − platinum series ”, port - louis, 30 october 2009. * * * life has not been treating central bankers at all well since lehman brothers went belly - up. those who found themselves at the epicentre of this perfect storm have been doing a creditable job, keeping the global economy on an even keel. the economic jargon has been much enriched with such exotic terms as toxic assets, tarp, and quantitative easing. there was even a brief period when banking ran the risk of once again becoming – one of the less reputable professions! tonight, as i welcome you all to the bank, we are putting these concerns aside. tonight, i am exercising one of the powers, and indeed, one of the great privileges, of being governor of a central bank, by issuing a new coin. i am the only person in this country with the license to do that. if anyone else here has a go, he goes straight to jail. so, thank you all for being with us tonight. and a very special “ thank you ” to our prime minister, dr the honourable navinchandra ramgoolam, for having agreed to officiate at this launching ceremony. we have some special overseas guests tonight and i extend a very special welcome to my fellow - governors and deputy governors from comesa central banks, to the commissioner of economic affairs of the african union commission, to the secretary - general of the central bank governance forum at the bank for international settlements, and to the members of the imf article lv consultation. some of you were here last year when we launched a gold coin to mark the 40th anniversary of the independence of mauritius. you may recall that, on that occasion, i promised to go one better this year. tonight, i redeem that promise. tonight, we are going not just for gold but for platinum. and tonight, we launch not just one coin but we inaugurate a series of three coins. i do not know how to better this one in future, but i promise to give it some thought. the coin we are formally issuing today is the first in our platinum series. it is a fitting tribute to sir seewoosagur ramgoolam, our first