Central Bank Presents IMF Report on North Africa Region
On 19 December, in Nouakchott, the Central Bank of Mauritania (BCM), in collaboration with the International Monetary Fund (IMF), organized a high-level meeting to discuss the economic outlook in Mauritania and present the IMF’s annual report on the North Africa and Middle East region.
The meeting aimed to share the IMF’s latest analyses of the macroeconomy in North Africa and the Middle East, discuss specific economic issues facing Mauritania, and address the challenges and opportunities available to the Mauritanian economy.
Mr. Younes Zahhar, Mr. Younes Zahhar, IMF’s resident representative in our country, presented the Fund’s report on regional economic prospects for the Middle East, North Africa, and Sub-Saharan Africa, Spring 2025 edition, addressing the most important economic developments and forecasts.
In his speech on the occasion, Mr. Abdallahi Ould Souleymane Ould Cheikh Sidiya, Minister of Economic Affairs and Development, highlighted the resilience of the Mauritanian economy, mentioning the achievement of a robust growth rate of 6.3% in 2024, with positive medium-term prospects, supported by ongoing structural reforms aimed at diversifying the economy and strengthening growth in non-extractive sectors.
He indicated that the inflation rate should remain below 2% in 2025, thanks to prudent macroeconomic policies and the BCM’s continued absorption of excess liquidity. In this context, he welcomed the far-reaching and progressive reforms implemented by Mauritania, embodying the high-level guidelines of His Excellency the President of the Republic and the implementation of the government program aimed at establishing a diversified, inclusive, and sustainable economy.
For his part, Mr. Mohamed Lemine Ould Dhehby, BCM’s Governor, stated that the exchange rate in Mauritania is determined automatically within a competitive market via the foreign exchange market platform, based on the forces of supply and demand between banks, without direct intervention by BCM in setting the rate, emphasizing that this system has contributed to enhancing market transparency and stability.
He indicated that the evolution of the exchange rate of the Ouguiya against the dollar during the period 2006-2025 shows a notable improvement, registering clear stability over the last two years compared to previous periods characterized by a sharp increase in fluctuations, explaining that the exchange rate fluctuation rate during the period 2024-2025 reached approximately 1.6%, after recording high levels in previous phases.
The governor stated that the reform of the exchange rate system adopted since December 2023, the reduction in BCM’s interventions in the foreign exchange market, and the modernization of monetary policy instruments, have contributed to the stability of the exchange rate and foreign exchange reserves at a level close to two billion dollars, and have strengthened the effectiveness of the new monetary policy framework.
For her part, Ms. Leila Pieters Yahia, United Nations System Coordinator in Mauritania, said that the IMF report reflects a positive assessment, considering that closing 2025 with these results is important, given that it has been a difficult year globally and in humanitarian terms.
She added that Mauritania is currently performing well economically, congratulating the Mauritanian government on the results achieved.
The meeting also featured an interactive discussion, during which the Minister of Economic Affairs and Development and the BCM Governor answered questions from the audience.
The meeting was attended by several government officials, representatives of financial and economic organizations, our country’s development partners, as well as experts and individuals interested in economic and financial affairs.