Instruction No. 17/GR/2012 Amending Instruction No. 8/GR/2007 on Prudential and Management Standards for Microfinance Institutions

Central Bank of Mauritania
CENTRAL BANK OF MAURITANIA

Nouakchott, 27 December 2012

The Governor
The Governor

VISA: DSJ

Instruction No. 17/GR/2012

Amending Instruction No. 8/GR/2007 on Prudential and Management Standards Applicable to Microfinance Institutions.

The Governor of the Central Bank of Mauritania:

• Having regard to Law No. 73.118 of 30 May 1973 establishing the Central Bank of Mauritania;

• Having regard to Ordinance No. 004/2007 of 12 January 2007 on the Statute of the Central Bank of Mauritania;

• Having regard to Ordinance No. 05/2007 of 12 January 2007 on the Regulation of Microfinance Institutions;

• Having regard to Decree No. 102/2009 of 13 August 2009 appointing the Governor of the Central Bank of Mauritania;

• Having regard to the Monetary Policy Council deliberation dated 5 June 2012;

Decides:

Article 1: Article 11 of Instruction No. 08/GR/2007 on the overall ceiling for Microfinance Institutions' operations is amended as follows:

• The maximum outstanding exposure of a Category A Microfinance Institution to a single client or beneficiary shall not exceed 2.5 million ouguiyas;

• The maximum outstanding exposure of a Category B Microfinance Institution to a single client or beneficiary shall not exceed 3 million ouguiyas;

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• The maximum outstanding exposure of a Category C Microfinance Institution to a single client or beneficiary shall not exceed 2 million ouguiyas;

• The maximum credit volume for Category C Microfinance Institutions shall not exceed one (1) billion ouguiyas.

These ceiling amounts may be revised by circular of the Central Bank, based on the inflation rate recorded for the preceding year. The ceilings thus established shall remain valid until modified by a Central Bank instruction.

Article 2: This instruction repeals any prior contrary provisions and shall enter into force as of its date of signature.

Sid'Ahmed OULD RAISS

[Stamp: Central Bank of Mauritania - The Governor - Central Bank of Mauritania]

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