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Boussaid outlines draft bill on Bank Al-Maghrib status

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Mohamed Boussaid Minister of Economy and Finance./Ph. DR

In line with structural reforms aimed at strengthening and modernizing the financial system, the outline of Bill 40-17 on the status of Bank Al-Maghrib (BAM) was presented on Thursday in Rabat by the Minister of Economy and Finance, Mohamed Boussaid.

«Reviewing the current status of Bank Al-Maghrib, which was initiated in 2006, follows the evolution of both the legal and institutional environment of the central bank, particularly after the adoption of the 2011 Constitution and the recent reform of credit institutions,» said Mohamed Boussaid during the presentation of the project before the Committee on Finance and Economic Development in the House of Representatives.

«This review is also taking place in the context of a profound change in the missions of central banks after drawing lessons from the international financial crisis of 2008, but also to bring it up to the level most in line with the international standards in force», added Minister.

In this sense, the Minister of Economy and Finance has stated that «the new project, comprising 80 articles divided into 10 chapters, aims essentially at granting Bank Al-Maghrib a total autonomy giving it prerogatives in terms of stability prices».

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