Governing and management bodies

Bank Al-Maghrib’s governance is based on:

  • The administration and management bodies, composed of the Board, the Governor and many committees, including the Management Committee.
  • The Bank is supervised by three bodies: the Government Representative, the statutory auditor and the Court of Auditors.

The Board

Chaired by the Governor, the Board includes the Director General of the Bank, the Finance Ministry’s Director of Treasury and External Finance and six members appointed for their monetary, financial or economic expertise. 

The Board is mainly responsible for determining the objectives of monetary policy. To this end, it sets interest rates for the Bank’s operations and may require the constitution of required reserves. Under Article 38 of the Statutes of Bank Al-Maghrib, the Bank Board is composed as follows:

  • The Governor of the Bank, chairman
  • The Director General of the Bank
  • The Director of Treasury and External Finance in the Ministry of Finance

Six members appointed by the Head of Government, including three on the proposal of the Governor, from persons known for their competence in the monetary, financial or economic fields and exercising no elective office and no position of responsibility in banking or financial institutions or in public administration.

Board members are :

  • Governor 
  • Director General  
  • Ms. Mouna CHERKAOUI
  • Mr. Mohammed DAÏRI
  • Ms. Najat EL MEKKAOUI
  • Mr. Larbi JAÏDI
  • Mr. Mustapha MOUSSAOUI
  • Mr. Fathallah OUALALOU
  • Ms. Fouzia ZAABOUL

Audit Committee members are :

  • Mr. Mustapha Moussaoui, Président
  • Mr. Fathallah Oualalou
  • Ms. Mouna Cherkaoui

The Steering Committee of Social Funds is chaired by Ms. Najat EL MEKKAOUI.

The Governor 

The Governor runs and manages the Bank. He particularly ensures the Bank’s compliance with statutory provisions and regulations as well as the implementation of the Board’s decisions.


The Director General

The Governor is assisted by a Director General who replaces him in case of absence or incapacity. The Director General acts under the authority of the Governor. He is appointed by decree on the proposal of the Governor, after seeking the opinion of the Board.

Management Committee

The Management Committee assists the Governor in managing the Bank’s business. It is composed of the Governor, the Director General and directors chosen by the Governor.

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