M

• Manual change

  Foreign exchange transactions involving the sale or purchase of foreign currencies in exchange for CFA notes

• Money laundering

  The act of facilitating by any means the false justification of the origin of the assets or income of the perpetrator of a crime or offense, or assisting in an operation of placement, concealment, or conversion of the direct or indirect proceeds of these offenses, notably by using the activities of banking institutions or financial markets.

• Money market

  The money market is a market on which the various participants lend and borrow liquidity according to their needs, using short-term securities as a medium. In the WAEMU, money market operations can be carried out either on the initiative of the Central Bank or on the initiative of credit institutions. Interventions initiated by the BCEAO may take the form of open market tenders or direct transactions on the interbank market.

• Multilateral Development Banks

  Supranational institutions created by states that are their shareholders. Their missions are aligned with cooperation and development aid policies defined by these states.

• Mutual or Cooperative Savings and Credit Institution

  Group of persons, with legal personality, non-profit-making and variable capital, founded on the principles of union, solidarity and mutual aid and whose main purpose is to collect savings from its members and grant them credit as defined by the law regulating WAMU SFDs.