Off budget spending was curtailed in 2004, and the transitional government drastically diminished the fiscal deficit in 2005, in order to counteract double digit inflation.
The Audit Court, created by Law No 019/ 93 of 26 January 1993, “enjoys independent status, as a supreme audit institution of public funds, according to the criteria stipulated in the Constitution and in the present Law" (Article 2).
The Government Procurement Law was amended in 2002 as part of a package of reforms designed to liberalize the country and attract foreign direct investment.
The Central Bank of Mauritania, created by Law 73-118 of 30 May 1973, supervises the commercial banking system, which was almost entirely privatized in the 1990s. The Central Bank controls interest and exchange rates, sets reserve requirements for commercial banks, and provides them with financial and credit management.
Credit is scarce after bank failures in the 1980s, but new banks, the Credit Agricole, Credit Maritime, and Habitat Bank, were formed to finance the agricultural, fishing, and housing sectors, respectively.
In 1999 the Government created an "Autorité de Régulation," an agency charged with overseeing the privatization process.
There is no stock market or other public trading of shares in Mauritanian companies.
International Transparency Standards
Mauritania formally joined the IMF’s General Data Dissemination System in September 2004 and was taking measures in 2006 to ensure accurate data reporting to the IMF, in order to qualify for further Poverty Reduction and Growth Facility arrangements and the Multilateral Debt Reduction Initiative.
Mauritania joined the Extractive Industries Transparency Initiative in 2005.
Mauritania was not yet included in Transparency International’s Corruption Perception Index in 2005.