Defying certain forecasts, Moroccan banks have shown resilience during the Covid-19 pandemic, thanks to the expertise of Bank Al-Maghrib (BAM).
This is what emerges from the conclusions of the mission of the staff of the International Monetary Fund (IMF), to assess the policy and economic prospects of the kingdom for this year, reports the Opinion, citing the IMF’s head of mission for Morocco, Roberto Cardarelli.
At a conference held for the purpose, the official stressed that the IMF welcomed the decision of the Central Bank to end most of the prudential measures adopted to support the banking sector during the pandemic.
“BAM left its key rate unchanged and maintained liquidity support measures”, recalled Mr. Cardarelli, noting that the IMF staff are in favor of this accommodative monetary stance, especially as inflationary pressures remain contained and expectations well-anchored inflation.
He added that “the recent appreciation of the exchange rate and the uncertainty as to the transitory or lasting nature of these inflationary pressures present an opportunity for the authorities to accelerate the transition to an inflation targeting regime.”
For the services of the international financial institution, the central bank must continue its expertise, by ensuring that the banks continue to constitute provisions for bad debts, while accelerating, with the authorities concerned, the launch of the reforms for the creation a secondary market for bad debts.
