ltd, hsbc, and barclays bank plc., were appointed primary dealers. the bank of mauritius had decided that traditional bidders for bills at the weekly auctions would be gradually cropped out. between february 2002 and november 2003 transactions by primary dealers with banks amounted to rs1. 9 billion. their transactions with corporate bodies amounted rs10. 8 billion. with individuals their transactions amounted to rs1. 6 billion. these give a total amount of over rs14 billion worth of bills transacted by primary dealers. this value of transactions in bills reflects the potential that exists for the trading of government papers on the stock exchange. so far the number of eligible bidders at the weekly auctions held at the bank of mauritius that are not primary dealers has been reduced from around 250 to 11. over time only the primary dealers will be eligible to bid at the weekly auctions. institutional investors like the national pension fund, the national savings fund and all the remaining banks and other financial institutions will be required to purchase government papers on the secondary market. this would definitely require major changes in the investment decision - making process within these organizations. they would stand to gain in the medium - term. sometime in may last i initiated discussions with mr. sunil benimadhu, mr. vipin mahabeersingh and mr. chota moollan at the bank of mauritius on our intention to sell treasury bills through brokers on the stock exchange. several meetings were since held with myself, the managing director and the staff of the financial markets department of the bank of mauritius. discussions were held with stock brokers also. a set of rules and procedures has been defined and was submitted for approval by the financial services commission. some six weeks back i had a stimulative exchange of views with the honourable minister sushil khusiram on this project. the swiftness with which the honourable minister made regulations to that effect reflects his personal commitment and determination for the development of the market for government papers. i am thankful to him for having supported this initiative. with hindsight the decision to sell treasury bills over - the - counter at the bank of mauritius was a decision taken in the right direction. i am happy to see that finally the trading of bills will soon take - off on solid foundation. the stock exchange of mauritius, the central depository & settlement co. and the brokers have put in lots of efforts in the project and i am confident that it will not suffer the

, chief executives of banks and the chairman and the chief executive of the mauritius bankers association, for joining our efforts for the advancement of the banking sector. finally, i need to express my sincerest appreciation to my two deputy governors, the head of my governor ’ s office, my heads of division, and the staff of the bank for their support and commitment throughout the past year. bis central bankers ’ speeches looking ahead there are increasing signs that we are nearing the end of the crisis with visible signs of what looks like a sustainable recovery. i never tire of saying that the best contribution that the central bank can make to the nation is to maintain price and financial stability – this is our raison d ’ etre. our heightened profile at the international level puts us in a position where we can make a significant contribution to issues of relevance to central banks well beyond our own frontier. over the years, we have transformed our economy to make it more diversified and resilient. had we not engaged in, at times, painful reforms, we would have been hit harder by the crisis. we need to pursue these reforms and develop new drivers of growth that can take our economy out of the middle - income trap to a higher - income - level economy. development, like life itself, is a journey and not a destination. the reforms must continue if we are to maintain our preeminent position in sub - saharan africa. bis central bankers ’ speeches