The authorities are gradually decreasing our rupee?s rate of interest from 7% and 12% to 3% to 7% for overdraft, loan, deposits, etc. as it is in the western countries. If we take note of the following facts we will understand the fate of our rupee?

In the 1970's ? 1£ was Rs 13.90 ? 1 dollar = Rs 7.80 ? 1 franc = 1 Rupee. Today the £ = Rs 55 ? dollar Rs 30 ? franc = Rs 4.00 ? Euro Rs 34.

Mauritians are generally quite educated and can analyse where our rupee is heading with the passage of time, we all pretty well know that

(1) Th Ex-PM Jugnauth had categorically refused to depreciate or devalue our rupee at the insistence of the International Monetary Fund (I.M.F.). He said that, if need be, he would look for finance from the world financial market.

(2) Seychelles, which could have been what Rodrigues is to us, does not want to depreciate or devalue its rupees, one of their rupees is equivalent to five mauritian ones.

(3) Lutchmeenaraidoo, the former Finance Minister, made differential rate of interest for different requirements to keep our rupee stable.

(4) From a lay man observation point of view, the rupee should have been reevaluated by 400% to bear the above interest rate.

If nothing is made to correct the situation, we should not be surprised to see our rupee with the prices of banana leaf ? a striking example ? just a few months ago, 1 euro was Rs 25, today it is Rs 34. If we continue with that trend we can expect one euro to be worth Rs 100.

We make an appeal to our decision makers to wake up and save our rupees.

J.T.