debt has spurred doubts about the sustainability of their fiscal accounts and monetary arrangements, questioning their capacity to grow in the coming years. although luckily, and thanks to the efforts made, the chilean economy is not in such a situation, the determination of the long - term interest rates does depend indisputably not only on the prospects for growth and inflation – and thus on monetary policy – but also on portfolio decisions of domestic agents and the appetite for risk. developments early this year are very illustrative. at times where there was still high uncertainty, and there was a higher demand for safety and liquidity, the long - term interest rates of various public instruments in chile went to record lows. as this uncertainty faded, the precautionary demand followed suit, pushing up long - term interest rates in pesos and in uf until the end of may. in the last couple of months, because of a string of episodes of higher and lower doubts about the true strength of the global recovery, long - term interest rates have fluctuated, but always above the levels of early this year. a similar pattern has been seen in long - term interest rates around the world ( figure 2 ). we are not indifferent to the evolution of long - term interest rates. this is evident from the facts that, to enhance our last monetary policy measure, we have not only begun providing liquidity at the current mpr level for up to six months, but we have also suspended issues of instruments at one to two years ’ terms. furthermore, we permanently take into consideration bond issuance plans of the treasury before defining our own programs. nonetheless, it is necessary to undertake a careful analysis of the long - term interest rate levels to properly assess their implications. after all, very low long - term rates are a symptom of depressed prospects for long - term growth and strong demand for safety. at the end of the day, what matters is the cost of borrowing for households and firms, which does not stem directly from risk - free interest rate structures, but goes through the filters of the capital market and the banking system. pass - through from monetary policy to market interest rates as i indicated the latest monetary policy measures were clearly transmitted to the banking system ’ s borrowing rates, thanks to the complementary measures adopted by the board at its last meeting ( figure 3 ). last march, we stated that the aggressive reductions to the mpr implemented by the board in january and february had begun passing through to the cost of

harvesh seegolam : remarks - opening of the 3 - day training on basel iii reforms remarks by mr harvesh seegolam, governor of the bank of mauritius, at the opening of the 3 - day training on basel iii reforms by the deutsche bundesbank, port louis, 31 may 2023. * * * bank of mauritius board director the chief executive officer of the mauritius bankers association chief executive officer of banks distinguished resource persons from deutsche bundesbank colleagues ladies and gentlemen, good morning. it gives me immense pleasure to welcome you on the occasion of the training on basel iii reforms by the representatives of the centre for international central bank dialogue of the deutsche bundesbank. our ties with the centre date back to december 2020 when we signed a memorandum of understanding on technical central bank cooperation matters. this was followed by close interaction between teams from the bank of mauritius and from the deutsche bundesbank. i can proudly affirm that our collaboration with the bundesbank has reached new heights with tailor - made virtual courses organised for staff of the bank of mauritius in it audit and green finance. concurrently, some of our staff have had the opportunity to attend on - the - job training in germany as well. i seize this opportunity to commend the bundesbank for partaking its expertise with our staff. ladies and gentlemen, training and human resource empowerment have always been at the kernel of my priorities since i joined the bank of mauritius as governor back in march 2020. the banking sector, being a talent - intensive service industry, is subject to a wide range of transformations which percolate through the various strata of the sector and which ultimately affect the quality of its throughput. with talents and professionals occupying a centerpiece of the sector's output function, productivity in the sector, and its underlying competitiveness, can only be enhanced through constant upskilling strategies. endowing our pool of talent in the banking sector with the latest hard and soft skills, especially those pertaining to regulatory overhauls and to digitization, is tantamount to implementing labor - embodied technological progress in the sector. this is our passport towards ensuring a competitive and resilient sector that can navigate fearlessly through various storms, whilst ensuring enhanced contribution to our gdp. today, it is the first time, under our mou, that staff of the bundesbank have come in person to impart training to our staff and to the banking sector at large on a topic of high 1 /