to crystallize the elements that investors look for : optimized product offerings, high returns, good governance and strong regulatory and legal frameworks. for the 2018 edition, three countries – angola, cameroon and senegal – joined the index, thus bringing the number of countries tracked to 20. the country measures were also broadened to include elements of financial inclusion and levels of investor education. south africa topped the index this year again, followed by botswana, kenya, mauritius and nigeria. while some may dwell on the fact that mauritius ranks fourth among the twenty countries, i invite them to examine the positive elements underlined in the report, and like we say, the glass can also be half - full rather than half - empty : the level of foreign exchange reserves which has grown substantially in mauritius. today, we have a level of gross official reserves of about usd6. 3 billion, representing nearly 10. 6 months of imports of goods and services, which we manage judiciously under a legal mandate of security, liquidity and, then, return. on that point, i would like to stress that mauritius is a notable exception with regard to investment in complex assets. as quoted in the report “ there is a wide range of investment options and relatively strong demand for more complex assets, including different types of derivatives products ’. [ unquote ]. the report commends mauritius for its strong legal and regulatory framework and highlights that mauritius is amongst the top countries as regards market depth, market transparency, tax and regulatory environment as well as the legality and enforceability of financial markets master agreements. 2 / 3 bis central bankers'speeches the africa financial markets index comes at an opportune time when positive changes are being witnessed on the domestic financial landscape. mauritius aims to double the size of its financial sector as spelt out in the government ’ s vision 2030 document and the financial sector blueprint. we have broadened the access to the purchase of government and bank of mauritius securities by the public. the development of a secondary market for risk - free instruments has helped individual investors to benefit from the increase in yields registered since the start of 2018. today, treasury bills and bonds are proving to be viable alternative investment instruments to term deposits. increased accessibility and enhanced public awareness has led to a three - fold increase in the amount of securities held by individuals, from rs1. 8 billion as at end - december 2017 to rs6 billion currently. you may recall that the african development bank along with bloomberg

launched the africa domestic bond fund, which is listed on the stock exchange of mauritius since 18 september 2018. this fund tracks the performance of a bond index, comprising local currency sovereign bonds of eight markets : botswana, egypt, kenya, namibia, nigeria, south africa, ghana and zambia. mauritius is also expected to join the index in the near future with the recent developments on the secondary market of government / bank of mauritius securities. as i conclude, allow me to thank absa for its initiative to launch the africa financial markets index in mauritius. the index will be yet another benchmark that will provide precious insights to our country which is busy positioning itself as a leading international financial centre and a gateway to africa, with a clear vision to join the sphere of high - income countries. ladies and gentlemen, i thank you for your attention. 3 / 3 bis central bankers'speeches