Core Viewpoint - The Central Bank of Mauritania decided to maintain its benchmark interest rate unchanged, aligning with its inflation outlook and price stability goals, while emphasizing the need to monitor economic and financial developments closely [1] Group 1: Economic Conditions - The committee assessed both international and domestic economic conditions, focusing on growth prospects, inflation trends, public finance status, balance of payments, and banking system liquidity [1] - Despite ongoing uncertainties in the international environment, Mauritania's economy has shown resilience, with overall macroeconomic indicators improving due to a stable monetary framework and enhanced liquidity management [1] Group 2: Monetary Policy and Market Developments - The committee highlighted progress in modernizing monetary policy tools since 2022, which has effectively improved interbank market performance, enhanced monetary policy transmission, and strengthened the central bank's operational framework [1] - The stability of the foreign exchange market was praised, with the controlled adjustment of the ouguiya exchange rate reflecting the effectiveness of a market-based exchange rate system [2] - Strong foreign exchange reserves were acknowledged, attributed to improved asset diversification and management efficiency [2] Group 3: Analytical Capabilities - The meeting discussed enhancing the central bank's analytical capabilities by improving macroeconomic monitoring tools and data governance to support decision-making based on accurate and reliable analysis [2]

毛里塔尼亚经济与发展部长西迪亚致辞表示，得益于宏观经济政策的实施以及中央银行持续吸收过剩流 动性，预测2025年毛通胀率将低于2%。西迪亚强调，专家已肯定毛经济韧性，2024年毛经济增长表现 强劲，增速达6.3%，中期经济前景总体乐观，通过推动经济多样化、提高非采掘业增长所采取的相关 措施，毛经济状况得以改善。尽管全球不确定性持续存在且地缘政治紧张局势加剧，中东、北非及撒哈 拉以南非洲的经济体仍展现出显著韧性。西迪亚还对毛逐步实施的改革予以赞扬，旨在构建强大、多元 化、包容且可持续的经济基础。 毛里塔尼亚中央银行行长达希比介绍了外汇系统演变，强调乌吉亚汇率通过银行间竞争性平台由供需自 动确定，提升了市场透明度与货币政策有效性。此外，2024-2025年汇率波动率稳定在1.6%，外汇储备 接近20亿美元，彰显2023年底以来货币方针的成效。 2025年12月18日，毛里塔尼亚《消息报》报道，毛里塔尼亚中央银行与国际货币基金组织(IMF)举办"区 域经济展望"高级别研讨会，并介绍IMF关于中东和北非地区的年度报告。 ...

Core Insights - The 12th meeting of the China-Serbia Intergovernmental Economic and Trade Mixed Committee was held in Beijing, highlighting the growing economic ties between the two nations [2] - Chinese Minister of Commerce Wang Wentao emphasized the rapid growth of bilateral trade driven by the free trade agreement and successful large project collaborations, including the operational success of the Hungary-Serbia railway [3] - Serbia's officials acknowledged China as a key economic partner, attributing the country's economic growth and improved living standards to Chinese investments [3] Group 1 - The meeting focused on enhancing cooperation in trade, investment, and infrastructure, with a commitment to implement the economic consensus reached by the leaders of both countries [3] - Both parties agreed to further leverage the benefits of the free trade agreement and to convene the first meeting of the investment working group to strengthen collaboration in green economy and new energy vehicles [5] - The cooperation will also include the follow-up operations of the Hungary-Serbia railway and preparations for Serbia's participation in the 2027 specialized expo [5]

Group 1 - In November, the total retail sales of consumer goods reached 4.39 trillion yuan, with a year-on-year growth of 1.3%. From January to November, the total retail sales amounted to 45.6 trillion yuan, growing by 4.0%, which is 0.5 percentage points faster than the same period last year [1] - Commodity consumption remained stable, with retail sales of goods increasing by 1.0% in November. Sales of essential goods such as grain, oil, and food increased by 6.1%, while clothing and footwear sales rose by 3.5%. Upgraded goods like gold and silver jewelry and cosmetics saw retail sales growth of 8.5% and 6.1%, respectively. Categories related to trade-in programs, such as communication equipment and cultural office supplies, experienced significant growth, with increases of 20.6% and 11.7% [1] - Service consumption grew rapidly, with retail sales of services increasing by 5.4% from January to November, which is 1.3 percentage points faster than the growth of goods retail sales. In November, restaurant income grew by 3.2%, indicating stable growth [1] Group 2 - New consumption demand is strong, with online retail sales growing by 9.1% from January to November, and physical goods online retail sales increasing by 5.7%. Key monitored platforms reported that sales of action cameras, embodied intelligent robots, and first-class energy-efficient televisions all grew by over 20% in November. Additionally, the penetration rate of new energy passenger vehicles reached 59.3% in November [1] - Rural consumption outpaced urban consumption, with retail sales of consumer goods in rural areas growing by 4.4% from January to November, which is 0.5 percentage points faster than urban areas. In November, rural retail sales increased by 2.8%, outpacing urban growth by 1.8 percentage points [2]

Group 1 - The Ministry of Commerce is implementing the spirit of the 20th Central Committee's Fourth Plenary Session and the Central Economic Work Conference, emphasizing the positive role of e-commerce in boosting consumption, driving innovation, and promoting international economic cooperation [1] - Online retail in China saw a growth of 9.1% from January to November, with significant increases in digital products, smart wearables, and online service consumption, which grew by 8.2%, 22.1%, and 21.7% respectively [1] - The express delivery business volume in China exceeded 180 billion pieces by November 30, setting a historical record [1] Group 2 - E-commerce platforms are enhancing innovation and driving transformation, with nearly 450 industry e-commerce events held to support the digital transformation of small and medium-sized enterprises in agriculture and industry [2] - Rural online retail grew by 9.8% from January to November, with textile and pharmaceutical transaction volumes increasing by 6.6% and 3.5% respectively [2] - Major e-commerce platforms achieved an average R&D intensity of 8.3% in the first three quarters, leading in AI cloud and self-developed models [2] Group 3 - The "Silk Road Cloud Products" e-commerce month event has significantly boosted sales of products from countries like Australia, Uzbekistan, and Indonesia, with sales increasing over tenfold [2] - The retail sales of imported goods on key monitored platforms grew by 5.6% from January to November, enhancing the connectivity between domestic and international markets [2] - Capacity-building initiatives have been conducted in Thailand and Laos, with over 150 representatives from government, industry, and SMEs participating, contributing to the construction of a community of shared destiny [2]

Core Viewpoint - The unofficial foreign exchange market in Algeria is experiencing volatility, with the euro rising to 280 Algerian dinars on December 14, indicating a continued upward trend despite previous fluctuations [1] Exchange Rate Movements - The euro had previously approached 300 dinars at the end of November, causing widespread concern, but fell to 279 dinars in early December before rising again [1] - The US dollar has slightly decreased in the unofficial market, quoted at 240.50 dinars per dollar, showing a minor decline from the previous trading day while maintaining a high level of fluctuation [1] - In the official market, the Algerian central bank reported a slight increase in the euro to 152.10 dinars and a decrease in the dollar to 129.58 dinars, widening the gap between official and black market rates [1] Regulatory Actions - The Algerian government has intensified its regulation of foreign exchange usage, with nine individuals detained for the illegal use of 750 euros in travel foreign exchange subsidies, reflecting the government's strict enforcement of foreign exchange policies [1]

Core Insights - Algeria's Minister of Public Works and Infrastructure, Abdelkader Djellabi, emphasized the need for enhanced coordination among relevant departments to ensure that major national infrastructure projects progress according to schedule [2] - Continuous assessment of the overall progress and construction pace of ongoing projects is required, along with a review of structural projects intended for financing and digital management [2] Infrastructure Projects - The meeting discussed several significant infrastructure projects, including the expansion of Annaba Port (a mineral terminal project part of a large phosphate initiative) and the eastern mining railway connecting Annaba to Tebessa province, which spans 422 kilometers [2] - A specialized meeting was held regarding the western mining railway project (Bechar-Tindouf-Ghalia Jebilet), which is set to commence operations in January 2026, following directives from President Tebboune [2] - The western mining railway project is currently in its final stages, with the remaining 60 kilometers of track expected to be completed in approximately 10 days, which is anticipated to have a significant impact on the economic and social development of southern Algeria and the nation as a whole [2]

阿尔及利亚El Watan网站12月17日报道，阿第三届年度金融市场会议将于本周六在阿尔及尔举行，会议 期间将正式启动证券交易电子下单平台，标志着该国金融市场现代化和数字化转型迈出重要一步。 此次会议由阿证券市场组织与监管委员会（COSOB）主办，主题为"创新融资—数字化转型—可持续金 融—金融包容"。会议将有来自多个阿拉伯国家金融监管机构、伊斯坦布尔证券交易所、阿拉伯货币基 金以及金融科技和可持续金融领域专家出席。此次会议正值 COSOB 担任阿拉伯证券监管机构联盟主席 期间，旨在展示阿尔及利亚推动金融市场现代化、提升金融包容性，并加强本国资本市场与区域及国际 金融体系融合的努力。 此外，会议期间还将举办金融科技展览，多家初创企业和高校创新项目将参展。同时，监管机构发起的 金融素养挑战赛和金融科技创新竞赛也将于会议期间公布结果，以提升公众金融认知并鼓励青年参与金 融创新。 （原标题：阿尔及利亚加快金融市场数字化转型 启动证券交易电子平台） ...

Core Insights - The African Development Bank has approved financing of €747 million for the first phase of the Laghouat-Ghardaïa-Meniâ railway project in Algeria, which spans 495 kilometers and is a strategic infrastructure project for the southern region [1] Group 1: Project Overview - The railway project aims to enhance regional connectivity and promote coordinated economic and social development [1] - It will facilitate passenger and freight transport, reduce logistics costs, and improve the access of agricultural and industrial products to domestic and regional markets [1] Group 2: Economic Impact - The project aligns with the Algerian government's strategy to diversify the economy and reduce regional disparities through railway construction [1] - It is expected to create new trade and employment opportunities in the southern region of Algeria [1] Group 3: Technical Aspects - The first phase will prioritize the construction of key segments, introduce modern railway equipment, and implement safety signaling systems [1] - This phase will lay the technical and operational foundation for future network expansion, significantly enhancing the economic vitality of the southern region [1]

Core Insights - Croatia's exports increased by 5.9% in the first ten months of the year, reaching €21 billion, while imports grew by 3.8% to €37.3 billion [1] - The trade deficit stood at €16.3 billion, with imports accounting for 56.2% of total exports [1] Export Performance - Exports to EU member states rose by 6.7% to €13.9 billion [1] - Exports to non-EU countries increased by 4.4% to €7 billion [1] Import Performance - Imports from EU member states grew by 1.6% to €28.7 billion [1] - Imports from non-EU countries surged by 11.9% to €8.5 billion [1]