Statute and Missions

Created by Dahir No. 1-59-233 of 23 Hija 1378 (June 30, 1959), Bank Al-Maghrib is a public legal entity endowed with financial and administrative autonomy, in accordance with the provisions of Article 1 of Law No. 40-17 on the Statute of Bank Al-Maghrib, promulgated by Dahir No. 1-19-82 of 17 Chaoual 1440 (June 21, 2019).

By virtue of this explicit legal conferral of public legal personality, Bank Al-Maghrib possesses the attributes of a legal entity (name, headquarters, assets, and the capacity to hold and exercise rights and to assume obligations), as well as the prerogatives of public authority, including the power to act on its own initiative and to take unilateral decisions.

Bank Al-Maghrib is also authorized to enter into ordinary civil acts outside the scope of public action, such as the acquisition or sale of real property.

It may likewise operate within the commercial sphere, notably when engaging in acts that have such a qualification, as in the case of banking and financial transactions carried out for its own account or on behalf of third parties.

The evolution of the legal and institutional environment of Bank Al-Maghrib led to a reform of its Statute, dating 2006. Since then, major national and international changes have been witnessed, namely in regulation, following the financial crisis of 2008, the entry into force of the Constitution in 2011 on the national level, the financial market opening to new actors, as well as the initiation of the exchange rate regime reform. The new Statute has strengthened the independence of Bank Al-Maghrib for a greater efficiency and a clarification of its responsibilities. The new Statute has also broadened the Bank’s mandate in line with the new missions. This hence enables a better enforcement of good governance standards.

ENACTMENT OF BANK AL-MAGHRIB’S NEW STATUTE:
The major phases of reform the Law on the Bank’s Statute dating from 2006: August 2017 : Approval of the Draft Law N° 40-17 by the Council of the Government. June 10th, 2019 : Adoption by the Parliament. July 15th, 2019 : Publication in the Official Gazette.
OVERALL CONTEXT:
Main events affecting the evolution of Bank Al-Maghrib’s both legal and institutional environment: Entry into force of the 2011’s constitution. Financial market opening to new actors. Initiation of the exchange rate regime reform. Regulation changes on the international scale.
MAIN UPDATES:
1 - Entrenching the Bank’s full independence: Broader autonomy in terms of monetary policy. Better protection against any undue interference or any conflict of interest in the decision-making process. 2- Strengthening and broadening the Bank’s missions: Strengthening Bank Al-Maghrib’s core missions (ex: monetary policy, exchange rate policy, management of the foreign exchange reserves). Adaptation of monetary policy tools to the particularities of participatory banks. Contribution to the country’s financial stability, being a new mission entrusted to Bank Al-Maghrib. Contribution to the deployment of the National Financial Inclusion Strategy (NFIS). 3- Enforcing good governance principles: 3 committees have become statutory: The Audit Committee that is directly attached to the Bank’s Board, the Monetary and Financial Committee and the Financial Stability Committee. All these committees are affiliated to the Office of the Governor of Bank Al-Maghrib. Setting mandates of the Council members including the Governor’s mandate. 4- A Better consolidation of the Bank’s financial soundness: Bank Al-Maghrib hold a general privilege for collecting its debts due from credit institutions. More agility in increasing Bank Al-Maghrib’s capital.