operational target from the overnight interbank interest rate to the yield on 91 - day bill. i am pleased to underline that, what was a long - overdue shift, has borne positive results in terms of steering short - term interest rates close to the policy rate. the bank introduced the 28 - day bank of mauritius bills in september 2019. presently, a net amount of rs2. 8 billion has been issued to banks. this instrument has contributed significantly to improve liquidity management and ensure a smooth yield curve. there is a fourth element that i wish to highlight. i am speaking of climate change, which is fast emerging as a priority for many countries. the 2019 edition of the annual world economic forum publication lists extreme weather events, natural disasters, and failure of climate - change mitigation and adaptation among the top five threats most likely to occur in the next 10 years. some 42 central banks and other regulatory authorities have set up the network on greening the financial system. this forum focuses on climate risk management in the financial sector and fosters the transition toward a sustainable economy. there is a clear economic case for building resilience to climate change as it may directly affect financial institutions ’ balance sheets. the bank has included climate change on its agenda and i will encourage all of you to do the same. i intend to engage with banks on this issue in the near future and request them to consider to what extent climate change is, or can be, factored in their decision - making process. 2 / 5 bis central bankers'speeches last but not least, we are constantly improving our regulatory framework to better align it with international standards and reinforce the soundness as well as the attractiveness of our financial industry. the bank is sparing no effort to support the country ’ s strategy to become a leading regional financial hub. in line with the country ’ s africa strategy, the development of regional payment facilities will be accelerated to transform mauritius into a gateway for cross - border payments. before proceeding to the second part of my speech, let me spend a few minutes on two specific issues. the quality of macroeconomic statistics is of utmost importance in policymaking. as the official compiler of external sector statistics, the bank has to measure cross - border transactions and reflect them in the balance of payments and international investment position for mauritius. the bank has been conducting an annual foreign assets and liabilities survey ( fals ) with entities from various sectors, which calls for specific information on our country ’ s foreign assets

harvesh seegolam : banking resilience - global and domestic perspectives keynote address by mr harvesh seegolam, governor of the bank of mauritius, on the maiden edition of the bank of mauritius thought leadership series on “ banking resilience : global and domestic perspectives ”, 23 july 2021. * * * first deputy governor second deputy governor chairman of omfif members of the bank of mauritius advisory committee chairperson and ceo of the mauritius bankers association ceos of banks ladies and gentlemen a very good morning and afternoon, depending from where you are joining us today. it is my pleasure to welcome you all to this maiden edition of the bank of mauritius thought leadership series. an initiative that the bank is bringing to the banking community and other stakeholders in general, on topical matters in this fast changing world in which we are today living. i wish to thank the omfif for partnering with the bank of mauritius for this inaugural edition. the bank ’ s thought leadership series will allow us to gain from the precious insights of worldacclaimed experts and personalities on key topics impacting, directly or indirectly, the banking and financial world. it will serve as an ongoing platform to generate ideas on how we need to adapt or re - adapt ourselves and our value propositions. this becomes even more important for highly open small - island economies, like mauritius, dependent on tourism and financial services. the bank of mauritius will make its thought leadership series a regular feature on topical matters. our choice of the theme for the debut of the thought leadership series – banking sector resilience : global and domestic perspectives – is explained by the importance of preserving stability and resilience of the banking and financial system amidst the global covid - 19 pandemic that has struck us since march last year. as a matter of coincidence, i started my governorship at the bank of mauritius with the outbreak of the pandemic. this theme is attracting significant attention globally. the bis, imf, oecd, omfif and many central bankers are relentlessly reflecting on how best to maintain stability and resilience of the banking sector. i am more than determined to continuously engage with our international partners as well as our local stakeholders in this ongoing reflection exercise. my objective has been to ensure that our banking and financial system stands the test of this unprecedented crisis that mauritius is facing. maintaining trust and confidence in the banking sector is a very high priority on my agenda. the more so that sound banks