Morocco: IMF highlights Central Bank’s transparency practices

A mission led by a multidisciplinary team from the International Monetary Fund (IMF) highlighted Bank Al-Maghrib’s (BAM) transparency practices.

This mission focused on examining the bank’s transparency practices in five areas, relating to “Governance”, “Policies”, “Operations”, “Results” of these policies, as well as the “Institutional Relations” it maintains with national and international bodies, the central bank said in a statement posted Monday on its website.

A report by the mission, available in English on the central bank’s website, concluded that Bank Al-Maghrib’s transparency practices, particularly in the fields of monetary policy and financial stability, are “comprehensive and thorough,” allowing it to “enjoy a significant level of trust with its stakeholders.”

In addition, the mission underlined the soundness of transparency practices related to the Bank’s governance framework.

The FMI recommendations, some of which have already been implemented, are part of the improvement dynamics and reinforce the results obtained during the self-assessment conducted by the Bank.

The central bank explained that these recommendations concern, in particular, the publication of additional information or explanations of a pedagogical nature to improve understanding of the information already available on the Bank’s Internet portal, notably on its legal status and its specificities, exchange rate policy or the management of foreign exchange reserves.