household credit was the main driver of bank credit, growing by 11. 8 per cent in september 2023 relative to 12. 2 per cent in july 2023. housing loan growth decelerated, rising at an annual rate of 12. 8 per cent in september 2023 from 18. 4 per cent in june 2023. corporate credit rose by 2. 8 per cent in september 2023, compared to 4. 4 per cent in july 2023, suggesting that growing earnings was supporting the funding requirements of the corporate sector. the credit portfolio of the banking sector remained sound. the npl ratio of the banking sector was estimated at 4. 7 per cent in september 2023, up from 4. 6 per cent in june 2023. the npl coverage ratio stood at 53. 2 per cent in september 2023. banks maintained ample capital and liquidity buffers. the aggregate capital adequacy ratio ( car ) was at 20. 3 per cent in september 2023, well above the minimum regulatory requirement. the liquidity coverage ratio ( lcr ) of the banking sector also stood above the regulatory floor of 100 per cent, with aggregated lcr at 278. 9 per cent in september 2023 while the lcr for material foreign currencies was 213. 1 per cent. 6 / 9 bis - central bankers'speeches the bank's stress test results showed continued resilience of the banking sector, based on its upgraded framework. the new stress testing framework includes forward - looking elements and new modules to cater for evolving macrofinancial conditions. as the domestic economy expands further, banks are expected to consolidate their buffers to absorb potential shocks. the bank continues to monitor risks to the stability of the financial system, while focussing on its price stability mandate. mauritius investment corporation ( mic ) before i come to the mpc decision, let me quickly underscore the pivotal role played so far by the mauritius investment corporation ( mic ) in our economy. as you may be aware, the mic has played a key role in assisting systemic corporates in their recovery process post - covid, thereby safeguarding the safety, soundness and stability of the financial system of mauritius. it has also played an important part in the bank's investment strategy and in diversifying the bank's portfolio. i am pleased to enlighten you that the entity has performed well during the financial year 2022 - 2023. from inception to 30 june 2023, mic

rundheersing bheenick : the role of international trade and trade finance address by mr rundheersing bheenick, governor of the bank of mauritius, at the presentation on afreximbank to the mauritian business community, port louis, 16 june 2009. * * * good morning ladies and gentlemen it is with great pleasure that i welcome you all today to this presentation of the afreximbank. i extend a particularly warm welcome to dr oramah and mr chafa. this is a critical element in what might be called our frontier expansion policy, creating extended links between the core role of a central bank and the wider pastures of trade and the real economy. last month at about the same date, the bank was co - hosting the first seminar of the islamic financial services board in mauritius. today ’ s event is the fruit of the collaboration of our two institutions, afreximbank and bank of mauritius. on the occasion of a board meeting of afreximbank held in mauritius in december last, i had drawn the attention of the president and chairman of the board of afreximbank, mr jeanlouis ekra, on the lack of awareness about afreximbank ’ s programmes and facilities by the business community and i had expressed my views on how a knowledge of afreximbank ’ s products could represent a useful tool in the promotion of market and product diversification of our trade. i am extremely delighted that the president of afreximbank has responded positively to my request and i convey my heartfelt thanks to him. today ’ s event gives me the opportunity to share with you a few thoughts on the role of international trade and trade finance, especially in the context of the current economic turmoil, and as paul krugman has put it in his seminal book “ the return to depression economics ” ; that “ malign neglect ” of the “ shadow banking system ” that has led to the “ loss of traction ” of the central banks in steadying the real economy in the storm. international trade over many years, we have seen that most countries have progressively opened their economies to international trade, either through the multilateral trading system, increased regional cooperation or as part of outward - oriented domestic reform programs. we have gone beyond the system with the third world being merely the exporter of raw materials and the importer of manufactures. international trade nowadays backed by the internet has created the efficiency for raising standards