Mauritania: BCM to cooperate with the World Bank on the management of foreign exchange reserves
The Central Bank of Mauritania (BCM) has signed a cooperation agreement on the management of foreign exchange reserves (RAMP Convention) with the World Bank.The Central Bank of Mauritania (BCM) has signed a cooperation agreement on the management of foreign exchange reserves (RAMP Convention) with the World Bank.
Mauritania, which has substantial reserves, will receive assistance on how to effectively manage them.
This announcement comes at a time when reserves of the CBM have increased considerably, Agence Nouakchott Information reports.
The Department of Treasury of the World Bank will provide technical assistance including training of staff in charge of reserves management at the BCM. The support will also involve
organizing structures and the establishment of a trading room within the BCM in the long term.
With a growth of more than six percent and record foreign exchange reserves, the positive effects of the austerity policy pursued by the government since 2009 are being felt in Mauritania.
The amount of reserves has reached $896 million (€649 million) as of 30 September 2013, according to the Monetary Policy Council
of the BCM.