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Mauritania Banks have undergone a sea change since the days of Mauritania's Independence. During independence, the Mauritania Banks were member of the West African Monetary Union. However Mauritania withdrew itself in the year 1973 in order to demonstrate its own independent identity in the economic sector. Along with the Mauritania Banks, the government also terminated its membership from the African Financial Community. After that came the revolutionary step of creating Mauritania's own currency.
In the 1980s, the Central Bank of Mauritania took over the banking structure of Mauritania along with the establishment of six commercial banks with the help of the government. Other chief share holders of the Banks of Mauritania were Arab interests including the Libyan and Saudi participation.
In the early years of the 1980s, the Mauritanian Banks were deteriorating day-by-day due to the accretion of the nonperforming loans which were a part of the 50% assets of the commercial banking. The limit of borrowing from the Central Bank of Mauritania or the BCM, by the government rose to soaring heights between 1981 and 1983.
The Banks in Mauritania were restructured in 1985 by the government with the aid of IMF and the World Bank support. The three major areas of concern for the Banks of Mauritania are reformation of the policies regarding credit and banking, restructuring the six commercial banks along with the International Bank of Mauritania and the strengthening of the BCM.
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