harvesh seegolam : launch of the imf monetary and capital markets department & africa training institute online course on core elements of banking supervision speech by mr harvesh seegolam, governor of the bank of mauritius, at the launch of the imf monetary and capital markets department & africa training institute online course on core elements of banking supervision, port louis, 12 april 2021. * * * ladies and gentlemen, good morning and a very warm welcome. it is my pleasure to address you today virtually in the context of this seminar on “ core elements of banking supervision ”. i wish to thank mr wane, the director of imf africa training institute, and mr mohan, expert for the imf on banking supervision at afritac south, for facilitating this seminar. the course, crafted for supervisors who recently joined the world of central banking, has indeed evolved into a flagship program of the imf. it surely reflects the importance of capacity building in banking supervision. i must say that this course is very topical as african countries, just like other nations across the world, are grappling with covid - 19 which is straining not only financial institutions but also supervisors. ladies and gentlemen, the covid - 19 crisis has underlined the frontline role of central banks as providers of immediate response to economic wildfires. indeed, central banks have demonstrated their capacity to muster substantial financial resources rapidly. since march 2020, the bank of mauritius has been actively mitigating the impact of the pandemic on the financial system. in addition to swift monetary policy actions, a blend of conventional and unconventional measures was introduced under the bank ’ s covid - 19 support programme. the measures aim at providing flexibility to banks and economic stakeholders, and safeguard the economy. to support businesses, a special relief amount, a special fx line of credit and swap arrangements for import - oriented businesses were introduced. the setting up of the mauritius investment corporation was a milestone in our endeavour to protect the economy by avoiding the collapse of covid - impacted systemic businesses. capital preservation and regulatory forbearance are other important tools adopted by the bank. in that regard, guidance was given to banks and non - bank deposit taking institutions on the application of ifrs 9 in the current context. optional transitional arrangements were provided for the regulatory capital treatment of ifrs 9 provisions. the cash reserve ratio was lowered, and the implementation of the last tranche of the capital conservation buffer was extended. the bank of mauritius

have to focus on commonalities rather than divergences. they should learn from peers about practical solutions, institutional arrangements, legal improvements, and market practices implemented in other countries. this being said, as budding supervisors, you should be wary of one fact : there is no one - sizefits - all solution. an approach that works in a jurisdiction may not necessarily work in another due to countryspecific variances in the structure of the banking and financial systems, supervisory capacity, legal framework, regulatory standards, availability of financial resources and the level of economic sophistication. before i conclude, i would like to emphasise one very important aspect in supervision. like i just said, sharing of experience and expertise is a key ingredient not only for continuous improvement but also for efficiently discharging your duties. i therefore encourage all participants to make this event as interactive as possible, and to use it as a springboard for networking opportunities. with these words, i wish you a very fruitful seminar. 3 / 3 bis central bankers'speeches