Mauritania - Banking SystemsMauritania-Banking-Systems
The IMF has assisted Mauritania with the stabilization of the banking sector. As a result, access to domestic credit has become easier and cheaper. A proliferation of banks has fostered competition that has contributed to the decline in interest rates from 30 percent in 2000 to 10 percent in 2018, not including origination costs and other fees. Interest rates have remained stable since 2009, ranging between 10 to 17 percent.
Since 2018, Mauritania has not had any correspondent banking relationships with banks in the United States, although intermediary banks are still clearing transactions in U.S. dollars for Mauritanian banks. This occurred because of de-risking policies applied by U.S. banks.
The banking system is stable but fragile. In 2018, GDP growth is estimated at 3.5 percent, up from 3.0 percent in 2017 and 1.4 percent in 2015. Nevertheless, this rebound remains fragile as liquidity constraints in the financial market, arising from fiscal consolidation and an ineffective monetary policy, continue to dampen liquidity in the banking sector. The country’s five largest banks are estimated to have USD 100 million in combined reserves; however, these figures cannot be independently verified, making an evaluation of the banking system’s strength impossible. As of April 2019, 25 banks, national and foreign, currently operate in Mauritania, despite the fact that only some 15 percent of the population holds bank accounts. The Central Bank of Mauritania is in charge of regulating the Mauritanian banking industry and has made reforms to streamline the financial sector’s compliance with international standards. The Ministry of Economy and Finance mandates that the Central Bank perform yearly audits of Mauritanian banks. There are no restrictions enforced on foreigners who wish to obtain an individual or business banking account.
In 2017, the Central Bank significantly reduced direct foreign currency sales to the private sector to better enforce foreign exchange regulations as part of its drive to allow for a more flexible determination of the exchange rate.
Prepared by the International Trade Administration. With its network of more than 100 offices across the United States and in more than 75 markets, the International Trade Administration of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
Since 2018, Mauritania has not had any correspondent banking relationships with banks in the United States, although intermediary banks are still clearing transactions in U.S. dollars for Mauritanian banks. This occurred because of de-risking policies applied by U.S. banks.
The banking system is stable but fragile. In 2018, GDP growth is estimated at 3.5 percent, up from 3.0 percent in 2017 and 1.4 percent in 2015. Nevertheless, this rebound remains fragile as liquidity constraints in the financial market, arising from fiscal consolidation and an ineffective monetary policy, continue to dampen liquidity in the banking sector. The country’s five largest banks are estimated to have USD 100 million in combined reserves; however, these figures cannot be independently verified, making an evaluation of the banking system’s strength impossible. As of April 2019, 25 banks, national and foreign, currently operate in Mauritania, despite the fact that only some 15 percent of the population holds bank accounts. The Central Bank of Mauritania is in charge of regulating the Mauritanian banking industry and has made reforms to streamline the financial sector’s compliance with international standards. The Ministry of Economy and Finance mandates that the Central Bank perform yearly audits of Mauritanian banks. There are no restrictions enforced on foreigners who wish to obtain an individual or business banking account.
In 2017, the Central Bank significantly reduced direct foreign currency sales to the private sector to better enforce foreign exchange regulations as part of its drive to allow for a more flexible determination of the exchange rate.
Prepared by the International Trade Administration. With its network of more than 100 offices across the United States and in more than 75 markets, the International Trade Administration of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.