ðə sˈɛɾɪŋ ˌʌp ʌvðə bˈæŋk ʌv mɔːɹˈɪʃəs mˈɑːɹkt ðə bɪɡˈɪnɪŋ əvə nˈuː fˈeɪz ɪnðə mˈɑːnɪtˌɛɹi hˈɪstɚɹi ʌv mɔːɹˈɪʃəs, wɪððə mˈɑːnɪtˌɛɹi sˈɪstəm mˈuːvɪŋ fˈɔːɹwɚd fɹʌmðə stˈeɪdʒ ʌv stˈɜːlɪŋ ɛkstʃˈeɪndʒ stˈændɚd, ˌʌndɚ wˌɪtʃ kˈɜːɹənsi wʌz ˈɪʃuːd ɪn ɛkstʃˈeɪndʒ fɔːɹ stˈɜːlɪŋ æɾə fˈɪkst ɹˈeɪt ʌv ɛkstʃˈeɪndʒ, tə ðæt əvə mˈænɪdʒd kˈɜːɹənsi ɪnwˌɪtʃ ðə dɪskɹˈɛʃənˌɛɹi ɹˈoʊl ʌvðə mˈɑːnɪtˌɛɹi ɐθˈɔːɹɪɾi bɪkˌʌmz ɪmpˈoːɹtənt.
The setting up of the Bank of Mauritius marked the beginning of a new phase in the monetary history of Mauritius, with the monetary system moving forward from the stage of 'Sterling Exchange Standard', under which currency was issued in exchange for sterling at a fixed rate of exchange, to that of a 'managed currency' in which the discretionary role of the monetary authority becomes important.