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:
- Avoidance of restrictions on current payments
- Avoidance of discriminatory currency practices
- Convertibility of foreign-held balances
- Furnishing of information
- Consultation between members regarding existing international agreements
- Obligation to collaborate regarding reserve assets policies.
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.
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