Regulatory Alerts2008-02-12
Instruction No. 3 (GR/2008) on Partial Modification of Bank Conditions
The Governor of the Central Bank of Mauritania issued Instruction No. 3 (IG/RJ 2008) to partially modify banking conditions effective upon signature. The directive sets the interest rate on Treasury bills and Central Bank bonds at 12% per annum, establishes the maximum banking margin at 8%, and fixes the minimum interest rate on savings accounts at 8%. While remuneration for other resident deposit forms remains unrestricted, the Instruction supersedes all prior contradictory or duplicative provisions.
ISLAMIC REPUBLIC OF MAURITANIA CENTRAL BANK OF MAURITANIA Honor-Fraternity-Justice
THE GOVERNOR Nouakchott, 11 February 2008
VISA: [Cleaned] 1
- II t. I
The Governor:
INSTRUCTION NO. 3 IG/RJ 2008 ON PARTIAL MODIFICATION OF BANK CONDITIONS
t
Having regard to Law No. 73 of 30 May 1973 establishing the Central Bank of Mauritania; Having regard to Ordinance No. 004/2007 of 12 January 2007, establishing the statute of the Central Bank of Mauritania; Having regard to Ordinance No. 020/2007 of 13 March 2007 concerning Credit Institutions, repealing and replacing Law No. 95-011 of 17 July 1995; Having regard to Decree No. 19/2007 of 7 February 2007, appointing the Governor of the Central Bank of Mauritania; Having regard to the resolution of the Monetary Policy Council dated 30 January 2008; Decides:
Article 1: The interest rate paid on Treasury bills and Central Bank bonds is set at 12% per annum. Article 2: The maximum banking margin (MBM), as defined by Instruction No. 01/GRJ/2008 of 7 February 2008, is set at an annual rate of eight percent (8%). Article 3: The minimum interest rate payable on savings accounts is set at 8% per annum. Article 4: The remuneration of other forms of deposits from resident customers remains free. Article 5: This Instruction enters into force upon signature. It repeals and replaces all prior provisions that are contrary or duplicate existing ones.