the level of international reserves being sufficient, the situation on the fx market being under control, and there being expectations of further international assistance inflows, the nbu is preparing a number of steps to liberalize the fx market in the coming weeks. these steps will be in line with the strategy for easing fx restrictions, transitioning to a more flexible exchange rate, and returning to inflation targeting. these steps have already been taken into account in the revised macroeconomic forecast, which assumes that international reserves will remain close to their current level this year and next year. the nbu sees some room for the further easing of its interest rate policy, provided that favorable macrofinancial trends continue 3 / 4 bis - central bankers'speeches the baseline scenario of the nbu's forecast envisages a cut in the key policy rate to 13 % this year. this easing of interest rate policy and the planned steps to liberalize the fx market should not pose any additional threats to macrofinancial stability and fx market resilience. at the same time, the nbu will adapt its monetary policy if the balance of risks changes significantly. thus, lower risks to inflation and exchange rate sustainability could create preconditions for further cuts in the key policy rate and an easing of fx restrictions, which would support lending and economic recovery. 4 / 4 bis - central bankers'speeches

##s will be managed centrally by the bank of mauritius. it initiates nationwide bill payment facilities where billers such as utility companies will digitally interface with maucas to upload their billing information. service providers will be able to tap on such information to provide embedded services to their customers. maucas allows the sharing of atms as well as other value - added services. government can use this technology to issue special purpose cards for transport and for the provision of social benefits. similarly, other sectors of the economy can embark on this facility and avoid issues associated with the handling of physical cash. we expect maucas to contribute to : 2 / 4 bis central bankers'speeches lower transaction costs. maucas will act as a direct intermediary between operators to bring about the much needed efficiency and will charge much lower routing fees to operators, bringing down the cost of payments. reduce operating costs. as the central payment infrastructure, maucas allows operators to connect through low - cost interfaces such as apis. operators that target the domestic card segment will gain from reduced operational costs, which will be expected to be passed on customers. increase the number of payment operators. maucas will encourage the flourishing of payment services providers through the provision of more electronic payment options which will develop products that leverage on the switch as a service infrastructure. the bank of mauritius is providing a level playing field for bank and non - bank operators, which will offer a variety of novel services to customers. support e - government services. maucas will offer government a national payment gateway to set up services on the maucas platform to boost the acceptance of electronic forms of payments for all government agencies and deliver online services. the idea of a payment switch germinated some time in 2010, but it was not until an amendment to the bank of mauritius act in 2015 that the ground work began. the pathway to maucas was not without thorns. throughout our journey, the bank was subject to a number of criticisms and indirect pressures to discourage it to move forward. please allow me to rebut some of those criticisms. there was a fear that the bank would be competing with banks and other operators. ladies and gentlemen, no responsible central bank will ever attempt this. the bank has national interests above all. with maucas, the bank aims to ensure that our payment system is up - to - date and in line with digital mauritius. the involvement of the bank in the setting up of maucas emana