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The Monetary Policy Committee (MPC) was established on 23 April 2007 pursuant to sections 54 and 55 of the Bank of Mauritius Act 2004 to formulate and determine the monetary policy to be conducted by the Bank and to maintain price stability, taking into account the orderly and balanced economic development of Mauritius. The first MPC meeting, which was a non-interest rate setting meeting, was held to discuss the organisation of the work of the Committee and to review the monetary policy framework and the economic situation in Mauritius. The first interest rate setting meeting was held on 30 June 2007.