Mauritania and financial market: Vibrator economy

The style of business depends largely on what one has experienced, read or thought, just as the texture of feces is mainly related to what one has eaten and the intestinal flora. Whatever the results, one should never be discouraged.

This comes from the mess in Mauritania with Société Générale. In 2023, the bank indicated that it would sell its majority stake in its subsidiaries in Mauritania and Chad to Coris Holding. The transaction, the financial institution said, will be completed by the end of 2023 but is subject to regulators. And, friend, here comes the disorder I mentioned in the first paragraph: the Central Bank of Mauritania has suspended the agreement after Mauritanian investors, including a Burkina Faso-based Mauritanian businessman, filed a fraud complaint against Coris.

Lobbyists close to some businessmen have intensified their maneuvers to block Coris Bank International. This is an attitude contrary to the opening-up policy advocated by President Mohammed Ould Ghazouani, who received the President of Coris Bank International a few months ago. The reluctance of businessmen, including some bank promoters, to accept foreign competition is a major obstacle to the modernization of the financial sector in Mauritania. The country, which has important links in its banking network in the West African Economic and Monetary Union zone and in Guinea, would benefit from opening up its environment to African and pan-African investments, which have become essential in the era of the Free Trade Area.

The troubled Dostoevsky wrote his novel 'The Gambler' decimated by ruin, persecuted by his creditors and plundered by his lovers. Francis Scott Fitzgerald became rich in a short time with his texts, dedicated himself to the pleasures of the good life and never again was the formidable novelist he had been when his talent was the only luxury he could afford.