members of the national governance committee are also present. it serves us as a stark reminder that the perennity of any organization cannot be ensured in the absence of an adequate system of corporate governance. the workshop will provide you with valuable insights on the latest developments in the area of corporate governance and will be the perfect springboard for necessary reforms that you wish to bring in this particular area. ladies and gentlemen, 3 / 4 bis - central bankers'speeches we have embarked on an initiative that will provide benefits to strengthen our reputational legacy not only to us but also to our future generations. it is therefore my conviction, that with the expertise and experience of the oecd, we can take our respective financial systems to new heights. ladies and gentlemen, before i conclude, i would like to put on record the excellent support that we have been having from the oecd all throughout the last few years and we look forward to further nurturing these working relations. i would also like to put on record the excellent support i have been receiving from all members of the governing board to achieve what we have been able to achieve so far. there is certainly a more exciting journey awaiting us going forward. with these words, ladies and gentlemen, i would like to wish you all every success in that construction process and i thank you for your attention. 4 / 4 bis - central bankers'speeches

net open positions and hedge exchange rate risks. a more dynamic 3 / 5 bis central bankers'speeches money market, a likely consequence of the new monetary policy operational framework, will provide considerable support to the fx market and stimulate its development. macroeconomic policies in the past few years have attracted fx inflows. there is, however, a need to address the numerous challenges facing the export sector given the weakening economic prospects in major exports markets. structural reforms and measures to attract foreign direct investment in productive sectors are prerequisites to the strategy to rekindle the export sector. ladies and gentlemen, the country ’ s foreign exchange reserves have attained an all - time high of usd7. 3 billion. though the current account remains in deficit, the capital and financial accounts of the balance of payments have steadily generated positive fx inflows which have helped to finance this deficit. the one - year level of import cover is a solid insulation against adverse external shocks. as you all know, the management of the central bank ’ s balance sheet has wide - ranging macroeconomic implications. the balance sheet comprises mainly fx reserves and monetary policy instruments. a strong and sustainable balance sheet position ensures that the bank can fulfil its policy goals effectively. in the light of the low yield global environment and the high costs inherent to conducting monetary operations, the bank has recently received technical advice for an optimisation of its balance sheet management. further, the bank intends to increase transparency in the conduct of its operations through additional disclosures in its financial statements. ladies and gentlemen, the protection and consolidation of our financial industry ’ s ecosystem is a priority. we have strengthened the legal and regulatory frameworks through the issuance of new guidelines and enhancement of existing ones and the enactment of several key pieces of legislation. these pave the way for innovations in payment systems and the protection of consumers of financial products and services. [ the main ones are the national payment systems act 2018, the ombudsperson for financial services act 2018, and the mauritius deposit insurance scheme act 2019. ] the bank is also finalising the revision of the bank of mauritius act 2004 and the banking act 2004. these revised enactments will modernise the central banking legal framework in sync with international as well as domestic developments. the upgrading of the banking laws and revisions of the regulations will help keep pace with the progress in this industry and fast evolving financial ecosystem. cloud technology, artificial intelligence, cyber - security, fintech, regtech and suptech