International cooperation and institutional relations
| I. Cooperation with central banks and other banking supervision authorities |
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| For over a decade, Bank Al-Maghrib has undertaken efforts to strengthen cooperation with other central banks to develop and facilitate the exchange of experience and expertise in the areas of their duties.
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A. Cooperation agreements pertaining to banking supervision
B. General cooperation agreements
In figures, since 2007 till now, more than 200 cooperation actions have been carried out by Bank Al-Maghrib for the benefit of its staff and no less than 250 study visits and exchange sessions have been conducted within the Bank by more than 600 executives and staff members from Central Banks in the Arab, African, Asian and Caribbean regions. |
| II. Relations with international financial institutions |
| In accordance with Article 13 of its Statutes, Bank Al-Maghrib represents Morocco in the international financial and monetary institutions established to promote international cooperation in monetary and financial fields. In this regard, the Governor of Bank Al-Maghrib, member of the International Monetary Fund (IMF) Board of Governors, regularly conducts a delegation of the Bank to take part in the events of this Institution. Bank Al-Maghrib also represents Morocco during the meetings organized by other multilateral and regional Institutions.
On April 25, 1958, Morocco joined the IMF and accepted obligations under Article VIII of the IMF Articles of Agreement, covering inter alia the dirham’s convertibility for the purposes of current transactions on January 21, 1993. Besides the obligations under other provisions of the IMF Articles of Agreement, Morocco undertook to discharge the following obligations:
On December 15, 2015, Morocco subscribed to the IMF Special Data Dissemination Standard (SDDS), and became the 62nd Member State and the 3rd among Middle-Eastern countries. Morocco’s adherence to the SDDS reflects a strong commitment to transparency and a major step in the implementation of internationally recognized good practices in statistics.
As for its Representation in the IMF, Morocco is a member of the seven-country group including Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Pakistan and Tunisia. Our Group is represented at the IMF Board of Governors by an executive director and an alternate director, respectively of Iranian and Moroccan nationalities. The Governor of Bank Al-Maghrib represents Morocco at the IMF Board of Governors.
Morocco’s economy is regularly monitored through on-site visits by the IMF staff- once a year in general. These missions aim to allowing exchange of views with the government and the central bank, assessing the recent national economic developments and perspectives and considering any potential risks. Discussions with the IMF teams mainly focus on monetary and change policy, fiscal policy, as well as macro-critical structural reforms. At the end of their mission, the IMF staff submit a report to the Executive Board for discussion and the latter’s views are subsequently transmitted to the country’s authorities.
Finally, and in accordance with Article 14 of its Statutes, Bank Al-Maghrib participates in the negotiation of international financial agreements and may be in charge of their execution. For example, the Bank has led, jointly with the Ministry of Economy and Finance, the negotiation process with the IMF that resulted in the conclusion of an arrangement under the Precautionary and Liquidity Line (PLL) 2012, and its renewal in 2014 and 2016. |
| III. Consultation with professional associations |
| Together with the professional associations of the financial sector (the Moroccan Bankers Association, the Professional Association of Finance Companies, the National Federation of Microcredit Associations and the Professional Association of Payment Institutions), Bank Al-Maghrib has set up a consultation platform to discuss the main issues concerning the activity of credit institutions and similar bodies.
Periodic meetings are organized between the Governor of Bank Al-Maghrib and the members of these associations in order to discuss the reforms and issues pertaining directly or indirectly to the banking sector, and to examine the implementation of the common roadmaps defined by both parties.
During these meetings, the main topics discussed focus on the development of the banking sector and the main risks associated with it, regulatory reform projects, the conditions of financing the economy, financial inclusion, customer protection and payment systems.
The follow-up of the actions included in the roadmaps is carried out through thematic commissions set up within these associations (regulation, consumer protection, payment means and systems, small and medium-sized enterprises (VSMEs), etc.) and in which the different departments of the central bank participate (Banking Supervision Department, Division of the Oversight of Payment Systems and Means and Financial Inclusion, Monetary and Foreign Exchange Operations Department, etc.).
As part of its consultation process, Bank Al-Maghrib systematically submits to the opinion of the members of these professional associations the draft regulations governing their activity.
In the context of its actions to promote the financing of VSMEs, Bank Al-Maghrib maintains cooperative relations with the General Confederation of Moroccan Enterprises (CGEM). It works with this confederation to create a favorable environment for the financing of VSMEs and to examine the measures needed to revitalize the financing of the economy.
For this purpose, the CGEM has participated with Bank Al-Maghrib and other stakeholders concerned by VSMEs in the organization of several national awareness campaigns on the financing of this category of enterprises.
Also and under the auspices of Bank Al-Maghrib, the CGEM also participated with the Moroccan Bankers Association in the elaboration of a memorandum submitted to the Government, highlighting the measures pertaining to both its three parties as well as the government sphere for revitalizing the financing of the economy and stimulating economic growth.
For this purpose, the CGEM has participated with Bank Al-Maghrib and other stakeholders concerned by VSMEs in the organization of several national awareness campaigns on the financing of this category of enterprises.
Also and under the auspices of Bank Al-Maghrib, the CGEM also participated with the Moroccan Bankers Association in the elaboration of a memorandum submitted to the Government, highlighting the measures pertaining to both its three parties as well as the government sphere for revitalizing the financing of the economy and stimulating economic growth.
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| Agreements entered into by Bank Al-Maghrib - view the press releases |
| Press realeases |
