Regulatory Alerts2011-04-19
Instruction No. 01/GR/2008 on Bank Lending Rates and Conditions
The Central Bank of Mauritania issued Instruction No. 01/GR/2008 to establish a unified annual effective global rate (EGR) that caps all costs associated with bank lending, including interest, fees, and commissions. The regulation mandates that banks freely negotiate lending rates up to a statutory ceiling calculated as the central bank's key rate plus a maximum bank margin, while requiring transparent disclosure of all charges in loan agreements and public brochures. Non-compliance triggers automatic penalties, monthly recurring fines, and direct account debits, with exemptions granted only for pre-existing agreements and specific restructuring facilities.
Share