Latest news with #BankAl-Maghrib
Morocco World
an hour ago
- Business
- Morocco World
Morocco's Central Bank Tests Digital Currency for Cross-Border Payments
Rabat — Morocco's central bank has completed its first digital currency experiment focused on peer-to-peer retail payments and now moves forward with cross-border payment trials. Bank Al-Maghrib (BAM) Governor Abdellatif Jouahri announced the news on Monday, adding, 'We are conducting another experiment in collaboration with the Central Bank of Egypt and with support from the World Bank on cross-border transfer use cases.' BAM's governor made the announcement during the opening of the 2025 continental seminar of the Association of African Central Banks (ABCA), which runs from July 21-23 in Rabat under the theme 'Cyber-risks and innovative financial technologies: challenges and strategic measures.' Jouahri explained that Central Bank Digital Currency (CBDC), as sovereign money, can serve as a digital payment option for both wholesale and retail versions. The central bank will complete the project with studies and analyses on legal and regulatory aspects. 'Like other countries on the continent, we have conducted studies at Bank Al-Maghrib on issuing a Central Bank Digital Currency with support from the World Bank and IMF. These studies mainly focused on defining CBDC's strategic objectives and its potential macroeconomic impacts on payment systems,' he said. The BAM governor announced the completion of a draft law that establishes a legal framework for crypto asset usage. The legislation aims to protect consumers and investors appropriately while strengthening market integrity against fraud, manipulation, money laundering, and terrorism financing. Jouahri touched upon the mandatory role of authorities, including central banks, to regulate crypto assets and stablecoins. According to the Bank for International Settlements (BIS), these instruments do not fulfill the attributes of public money. 'These instruments present risks of money laundering and excessive disintermediation that could compromise the integrity and resilience of the financial system,' he explained. Morocco's financial services digitalization has been driven by traditional banks adapting to ongoing transformations as well as payment institutions adopting agile business models and a developing fintech ecosystem, Jouahri noted. The central bank recently created the Morocco FinTech Center through a public-private partnership. The platform supports and guides innovative project holders while strengthening a dynamic and inclusive digital ecosystem. 'We want our dialogue with fintechs to be constant to offer them a flexible regulatory framework adapted to their services' specificities and to encourage collaboration between established players and new entrants,' Jouahri stressed. Tags: bitcoin in MoroccocryptocurrencyMorocco's cryptocurrency
Morocco World
03-07-2025
- Business
- Morocco World
Jouahri: Strengthening International Cooperation Key to Advancing Islamic Finance
Rabat – Abdellatif Jouahri, Governor of Bank Al-Maghrib (BAM), Morocco's Central Bank, called on Thursday in Rabat for enhanced international cooperation to further develop Islamic finance globally. Speaking at the 23rd Forum on Islamic Financial Stability, which was organized by BAM and the Islamic Financial Services Board (IFSB) under the theme 'Overcoming Challenges: Addressing Structural Vulnerabilities and Building Resilience Against Future Shocks,' Abdellatif Jouahri highlighted the critical challenges facing the sector. He identified four main challenges: Sharia compliance, liquidity management, sustainable financing, and risks related to digitalization. Addressing these issues, Jouahri emphasized, requires a stronger international partnership that respects global standards while acknowledging each country's unique context. Jouahri affirmed the increasing integration of Islamic finance within the global financial system, noting that the principle-based regulatory approach allows countries to adapt standards according to their specific needs. Morocco, for instance, has established a centralized fatwa system supported by the Supreme Council of Ulemas to ensure Sharia compliance of financial products, thereby enhancing public trust. Read also: Islamic Financing in Morocco Hits $2.4 Billion in 2023, Driven by Real Estate In Morocco, participatory finance now represents 2% of banking assets. Since 2015, Bank Al-Maghrib has worked closely with stakeholders to build a regulatory, institutional, and fiscal framework conducive to the sector's growth. This collective effort has resulted in a clear governance architecture guided by a coherent roadmap and the active involvement of the Supreme Council of Ulemas. Jouahri also praised the pivotal role of the IFSB in standard-setting, fostering cooperation, and facilitating dialogue among regulatory authorities. He noted the board's impressive achievements since its inception in 2003 and highlighted ongoing reforms aimed at aligning its mission with emerging challenges, strengthening member institutions, and providing sustained technical support. Jouahri concluded by describing the forum as a valuable platform to anticipate future challenges, share practical experiences, and explore ways to enhance the resilience of the Islamic finance sector. The IFSB's annual assemblies and related events, held from July 1 to 3, brought together central banks, regulatory and supervisory authorities, and sector participants from IFSB member countries. Supported by Bank Al-Maghrib, these meetings included the 46th IFSB Council meeting, the 23rd General Assembly, and the 23rd Financial Stability Forum. Over 130 IFSB members participated, including senior representatives from central banks, regulatory and supervisory authorities, and multilateral institutions across the financial sector. Tags: Abdelatif JouahriBAMIslamic finance in morocco
Morocco World
25-06-2025
- Business
- Morocco World
Morocco, France to Protect Moroccan Banks Amid New EU Regulations
Morocco and France are moving toward a key agreement that could shield Moroccan banks operating in Europe from the full impact of a strict European Union (EU) directive – the Capital Requirements Directive VI (CRD VI) – which limits cross-border financial services from non-EU countries. According to the Governor of Bank Al-Maghrib (BAM) Abdellatif Jouahri, the deal is expected to be finalized in July. Under the European Banking Directive CRD VI, foreign financial institutions not authorized within the EU are banned from offering services remotely to clients residing in the EU bloc. Morocco is now working to secure exemptions or accommodations that would preserve its banks' ability to serve millions of Moroccans abroad. 'This meeting aims to preserve the intermediary role played by Moroccan banks in Europe,' Jouahri said Tuesday in Rabat, following the second quarterly meeting of BAM's board. The anticipated agreement with the French Treasury would mark a crucial first step. It must first receive the green light from the European Commission before Morocco can pursue similar arrangements with other key EU member states — notably Spain, Belgium, the Netherlands, and Italy. Interministerial Task force To facilitate this negotiation, a special task force has been formed, comprising representatives from the Ministry of Foreign Affairs, the Ministry of Economy and Finance, Bank Al-Maghrib, and major Moroccan banks. 'The objective is to allow Moroccan banks to continue serving Moroccans abroad and their relatives in the Kingdom,' Jouahri said, describing the cross-border banking service as 'strategic' for Morocco's financial stability and external accounts. The task force has already initiated technical talks with relevant EU officials, while also holding intensive discussions with French authorities. Jouahri emphasized that these exchanges have helped clarify the matter at stake 'These exchanges have led to a better understanding of the stakes this activity represents for Morocco,' he said, pointing to its implications for the balance of payments and the broader financial ecosystem connecting Morocco to its diaspora. Temporary setbacks Jouahri also addressed trends in remittances from Moroccans living abroad, forecasting a modest decline in 2025. 'We anticipate a recovery starting in 2026, once the regulatory adjustments are completed,' he noted. On the monetary policy front, BAM opted to keep its benchmark interest rate steady at 2.25%, citing ongoing uncertainty and a relatively stable economic backdrop. Inflation remains moderate, non-agricultural sectors are rebounding, and market expectations are broadly anchored. 'The board will continue to monitor the impact of its recent rate cuts, especially on financing for very small, small, and medium-sized enterprises,' Jouahri concluded. CRD VI is part of the EU's ongoing efforts to tighten financial regulation across member states. The directive includes provisions that restrict non-EU financial institutions from offering cross-border services to clients residing within the bloc unless they obtain local authorization. While aimed at reducing systematic risk, these rules pose challenges for countries like Morocco that rely on cross-border banking to serve their expatriates. Morocco's diaspora is one of the largest in Europe, with over 5 million Moroccans residing across France, Spain, Belgium, the Netherlands, and Italy. In 2024, remittances from Moroccans abroad reached a record $11.7 billion, accounting for approximately 8% of Morocco's GDP – a vital lifeline for families, local businesses, and rural development.
Ya Biladi
20-06-2025
- Business
- Ya Biladi
Morocco partners with EBRD, IFC to launch WE Finance Code for women's access to finance
On Thursday, the Director General of Bank Al-Maghrib, Abderrahim Bouazza, signed a Declaration of Intent to launch the WE Finance Code, an initiative to support women entrepreneurs. The agreement was signed in partnership with the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC). The signing ceremony was attended by EBRD Vice President Mark Bowman, EBRD Managing Director for the Southern and Eastern Mediterranean region Mark Davis, and several senior officials from both the EBRD and Bank Al-Maghrib. In a press release, Bank Al-Maghrib explained that this initiative aligns with the institution's broader goals of promoting financial inclusion and women's economic empowerment. It also builds on the bank's long-standing collaboration with both the EBRD and IFC. The initiative further draws on the significant progress Bank Al-Maghrib has made in collecting and analyzing gender-disaggregated data within the financial sector. The WE Finance Code aims to improve access to finance for women-led micro, small, and medium-sized enterprises (MSMEs), while also providing technical support to financial service providers to strengthen their ability to meet the needs of this vital segment of Morocco's economy. «The launch of the WE Finance Code reflects our firm commitment to advancing women's financial inclusion in Morocco», said Bouazza, as quoted in the statement. He also expressed his desire to deepen fruitful cooperation with the EBRD, IFC, other international institutions, and key stakeholders to maximize the impact of the initiative and achieve its objectives.
Morocco World
19-06-2025
- Business
- Morocco World
BAM, EBRD and IFC Partner to Boost Women Entrepreneurship in Morocco
Marrakech – Bank Al-Maghrib (BAM), the European Bank for Reconstruction and Development (EBRD), and the International Finance Corporation (IFC) signed a Declaration of Intent on Thursday to launch the WE Finance Code initiative. This aims to improve access to financing for very small, small, and medium enterprises (VSMEs) led by women in Morocco. The initiative, which aligns with BAM's ambition to promote financial inclusion and women's economic empowerment, builds on the long-standing collaboration between the three institutions. It capitalizes on the significant progress made by BAM in collecting and analyzing gender-specific data in the financial sector. The WE Finance Code seeks to strengthen the capacity of financial service providers to meet the needs of this important segment of the Moroccan economy by providing targeted technical support. The convention aims to improve access to financing for women-led VSMEs while providing this technical assistance. The signing ceremony took place in the presence of Mark Bowman, EBRD Vice-President, Mark Davis, EBRD Director General for the Southern and Eastern Mediterranean (SEMED) region, and several senior officials from EBRD and BAM. Abderrahim Bouazza, BAM Director General, said that 'the launch of the WE Finance Code reflects our firm commitment to women's financial inclusion in Morocco.' He also expressed his willingness to strengthen productive cooperation with EBRD, IFC, international institutions, and other stakeholders to maximize the positive impact of this initiative and achieve its objectives. Mark Bowman praised 'Bank Al-Maghrib's strong commitment to promoting financial inclusion, particularly by facilitating access to financing for women-led VSMEs.' He reaffirmed 'the EBRD's commitment to supporting Bank Al-Maghrib's initiatives through the implementation of the WE Finance Code. Bank Al-Maghrib is thus positioning itself as a key multilateral player in reducing the gender gap in access to finance in Morocco.' The initiative will provide technical support to strengthen the North African country's efforts in women's economic empowerment. BAM intends to leverage the technical assistance provided by EBRD and IFC under this initiative to build the capacity of Moroccan financial service providers and relevant entities, in coordination with the Ministry of Economy and Finance and other concerned public bodies. This technical assistance aims to promote women's financial inclusion and develop financial and non-financial products and services tailored to their needs. The Women Entrepreneurs Finance Initiative (We-Fi) is a global multi-stakeholder partnership comprising 14 governments, 8 multilateral development banks, and other public and private stakeholders. It is hosted by the World Bank Group. The EBRD is implementing the Code in Egypt and Morocco and will mobilize financing to support women's entrepreneurship, with a view to promoting gender equality, removing gender-related barriers, and reducing gaps in access to finance for women entrepreneurs. The partnership comes as Morocco, alongside Spain and Portugal, prepares to host the 2030 FIFA World Cup with high standards of governance, sustainability, and inclusion. EBRD, which has invested over €5 billion in Morocco to date, sees the event as a catalyst to accelerate climate transition and strengthen social cohesion in the country. EBRD had previously supported Agadir in issuing Morocco's first municipal green bond under the Green Cities program. The bank also assists Morocco in implementing the State Ownership Policy adopted in December 2024 to clarify mandates, enhance transparency, and attract private investment in major infrastructure projects. The EBRD has been active in Morocco since 2012 and has supported a wide range of financial, digital, and green initiatives across the country. In February, BAM and EBRD signed an agreement with a consortium of Korean institutions to bolster Morocco's fintech ecosystem through the 'Boosting Morocco's Regulatory Fintech Ecosystem' technical assistance program. This coincided with the establishment of the Morocco Fintech Center association to support startups and companies in the sector. Tags: Bank Al-MaghribEBRDIFCmoroccan women entrepreneurs
