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The Lombard Rate was introduced at 14.00 per cent per annum.

The Lombard Rate was introduced by the Bank of Mauritius with effect from 15 December 1999 as the key rate for signalling the monetary policy stance of the Bank of Mauritius. It is the rate payable for the use of the Lombard Facility, which is an overnight collateralised advance to banks by the Bank of Mauritius. The aim for establishing the Lombard Rate was to have an explicit monetary policy instrument so that changes in the policy rate were performed in a transparent manner and these changes were rapidly transmitted to market interest rates.