Islamic Republic of Mauritania is located in Northern Africa on the West Coast, the country is 100 percent Muslim for its 3.17 million citizens. Independence was obtained in 1960 from France. Of significant importance to Mauritania and its currency the ouguiya, the country has achieved a major milestone by beginning oil extraction from a major offshore oil field in February 2006. At daily production of 54,000 bpd and oil reserves at one billion barrels, Mauritania is now a net oil exporter. By 2008, some forecasts have oil exports at 250,000 bpd which would be a huge financial windfall for the country.
Economic Statistics
Total GDP as measured by purchasing power parity stands at $6.9 billion USD (2005) with corresponding GDP/Capita at $2,200 USD. Market GDP stands at $1.35 billion USD (2005). GDP growth for 2005 at 5.5 percent of GDP, 2006 is projected at a stunning 19 percent, GDP for 2007 at 10.6 percent. Inflation for 1996 at 4.7 percent, year 2003 at 7 percent, 2006 projected at 6.5 percent, 2007 at 5.1 percent. Current account is in surplus at 3.5 percent of GDP estimated (2006).Unemployment at 40 percent. High foreign debt at $2.5 billion USD (2000).
CURRENCY: ISO Symbol ‘MRO’, ouguiya. At time of review on September 15, 2006, the Mauritanian ouguiya had an exchange valuation of 271.3 MRO to the US-dollar (USD) and/or 343.7 MRO to the Euroland euro (EUR). The currency regime follows that of an exchange valued by an interbank currency auction market. The authorities are seeking to further liberalize the exchange rate with greater flexibility with increasing national wealth.
CURRENCY HISTORY: the ouguiya came into circulation in 1973 when it replaced the CFA franc at a rate of 5 CFA francs to 1 MRO. Historical exchange quotes include December 2005 at 293.92 MRO to the USD, year 2003 at 263, 2002 at 271.7, 2001 at 255.6, 2000 at 238.9, 1999 at 209.5, 1998 at 188.4, 1997 at 148.9, 1996 at 137.2, 1995 at 129.7, 1994 at 123.57, 1993 at 120.8.
CURRENCY FORECAST: positive macro-economic developments include low inflation, very high GDP growth and an improving external position due to offshore oil production coupled with mining revenues (copper, gold, iron ore, etc.). Currency risk evident includes regional instability, exploitation of rich fish resources, social issues (diseases - waterborne), low life expectancy rates, droughts, and domestic political growing pains.
For a detailed currency review of Mauritania, please click the BankINTRO.com currency consulting banner below and send us an email request. We will be happy to provide a quote for currency consulting services.
