First Independent Mena Newspaper
Morocco’s central bank, Bank Al-Maghrib (BAM), and the High Commission for Planning (HCP) signed a strategic partnership agreement on June 17 aimed at enhancing cooperation in statistical production, data exchange, and economic analysis to meet international standards. The convention establishes a framework for producing more relevant, higher-quality data to support informed decision-making and effectively guide […]
The International Fund for Agricultural Development (IFAD) and Bank Al Maghrib have partnered for the second time to increase financing for food security in rural areas around the world. IFAD has issued a $150 million bond with a tenor of 10 years to Morocco’s central bank to support efforts engaged to transform rural areas to […]
Bank Al Maghrib, Morocco’s central Bank has teamed up with the World Bank to promote the use of digital money transfer services for the benefit of the inhabitants in rural zones. The two financial institutions have launched the «Douar Tour» initiative which seeks to inform rural populations about the various financial services available for money […]
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 […]
Morocco’s central bank will hold its second meeting this year on June 21 to take key monetary policy decisions with analysts predicting the bank to increase key borrowing rates to mitigate the impact of imported inflation. Morocco has maintained the key interest rate at an all-time low of 1.5% since June 2020 to spur the […]
The Moroccan financial sector continues to show resilience against the negative impacts generated by the Covid-19 pandemic, said the “Coordination & Systemic Risk Monitoring Committee” following its meeting held Tuesday in Rabat at the headquarters of Bank Al-Maghrib. After the three-year review of the 2019-2021 period, the Committee examined and approved the new financial stability […]
Moroccan banks have shown resilience to the impact of the Covid-19 crisis maintaining enough provisions to face the surge of the cost of risk due to a rise in impaired loans, analysts and the central bank say. The IMF has urged the Central Bank to keep ensuring that the Banks had enough provisions to deal […]
Morocco expects to add 650 million dollars to its foreign exchange reserves as part of $1.2 billion that will be offered to the country under the IMF’s Special Drawing Rights. The sum is to be unlocked by the IMF this August 23 after a historic approval by the IMF Board of Governors to allocate Special […]
Morocco’s Central Bank (Bank Al-Maghrib) and its Hungarian peer Magyar Nemzeti Bank (MNB) have agreed, under an agreement, to foster their cooperation in banking digitalization and innovation in financial services. The agreement, which was signed on Monday, also deals with risk management related to digitalization as well as cybersecurity and digital transformation. Speaking on this […]
The scale of the informal sector in the Moroccan economy amounts to 30% of GDP said a new study conducted by the Central Bank. The informal economy leaves workers in vulnerability without pension or health insurance and undermines the economy due to tax and anti-competitive practices. In the MENA region the average part of the […]