IMF Commends Transparency of Moroccan Central Bank

A mission representing the International Monetary Fund (IMF) hailed the transparent practices of the Moroccan Central Bank (Bank Al-Maghrib).
The mission highlighted the Bank’s procedures regarding monetary policy and financial stability, describing it as “ample and exhaustive”, a fact that enabled the bank to enjoy significant confidence among the stakeholders.
The mission focused on the review of the Bank’s transparency practices in five areas: “Governance”, “Policies”, “Operations”, “Results” and “Institutional Relations”.
According to the bank’s statement on Monday, the review entailed an in-depth documentation and discussions with members of the Bank’s Board and main stakeholders, notably the Parliament, the Court of Auditors, the Ministry of Economy and Finance, the Moroccan Capital Market Authority, the Insurance and Social Security Supervisory Authority, the Foreign Exchange Office and local banks.
Based on the principles of the central bank transparency code (CBT), the Bank will conduct, on a voluntary basis, similar regular reviews and self-assessments.