Mauritania banks shift credit focus to state, central bank report shows

The Central Bank of Mauritania's 2025 annual report reveals a rapid increase in banks' lending to the government. Net credit to the state rose 44.6% in the year, reaching 29.1% of total domestic credit, while loans to the private sector grew only 12.2%. The expansion of the Treasury securities market, now holding MRU 29.76 billion, has offered banks a low‑risk, longer‑maturity alternative to corporate lending.

At the same time, the report highlights a resilient macroeconomy. Real GDP grew 4.0% in 2025, inflation stayed low at 1.6%, and exports rose 12.3% driven by new gas shipments. The trade deficit narrowed to MRU 23 million, the current‑account gap fell to 3.4% of GDP, and foreign reserves increased by 12.6% to US$2.21 billion. Public debt rose slightly but its share of GDP fell to 37%. The banking sector expanded to MRU 218.5 billion in assets, with financial inclusion reaching 55% of the population. The central bank posted a net profit of MRU 3.18 billion, underlining its solid financial position.