The Bank of Mauritius Act 2004 (‘2004 Act’) was enacted in October 2004 and came into operation by proclamation on 10 November 2004. The Bank of Mauritius Act 2004 repealed the Bank of Mauritius Act 1966 (‘1966 Act’) and provided that the Bank of Mauritius established under the repealed 1966 Act was deemed to have been established under the 2004 Act. The 2004 Act enhanced the independence of the Bank of Mauritius, moved towards the adoption of the primary objective of the Bank as being to maintain price stability and to promote orderly and balanced economic development. The other objectives of the Bank are to regulate credit and currency in the best interests of economic development of Mauritius, to ensure the stability and soundness of the financial system of Mauritius, and to act as the Central Bank for Mauritius. The 2004 Act also provides for the establishment of a Monetary Policy Committee responsible for the formulation and determination of monetary policy to be conducted by the Bank.