- Partnership Announcement:
- The Central Bank of Mauritania (Banque Centrale de Mauritanie) has announced a joint project with German security technology group Giesecke+Devrient (G+D) to explore the development of a central bank digital currency (CBDC) named ‘Ouguiya’.
- Project Objectives:
- The project aims to assess the potential benefits of introducing a digital Mauritanian Ouguiya as part of the nation’s digital transformation strategy, with a focus on promoting financial inclusion in Mauritania.
- G+D’s Role:
- G+D, part of Mastercard’s CBDC Partner Programme, will assist in outlining the requirements for the digital currency and provide technical support for initial testing of specific use cases.
- Governor’s Statement:
- Mohamed Lemine Ould Dhehby, governor of the Central Bank of Mauritania, emphasizes that the project will enhance the bank’s knowledge base, skills, and experience, with G+D’s expertise playing a crucial role in bringing the project to fruition.
- Expected Impact:
- The proposed CBDC is expected to contribute to greater prosperity for all sections of the population, enhance macroeconomic stability, and improve the sustainability of Mauritania’s economic growth, according to G+D.
- Global Trend:
- CBDC development is a key aspect of many nations’ digital transformation strategies, as evidenced by recent initiatives such as the Reserve Bank of New Zealand’s public consultation on the potential introduction of a digital currency.
