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Morocco's central bank (Bank Al-Maghrib) has adopted a set of new monetary policy and prudential measures to support access to bank credit for both households and businesses, in view of the situation triggered by the coronavirus pandemic.
Such mechanism will allow the tripling of banks' refinancing capacity with Bank Al-Maghrib through several measures, the central bank said in a press release.
Banks will have the possibility to use all refinancing tools available in dirhams and in foreign currency, in addition to the extension to a very wide range of securities and commercial paper accepted by Bank Al-Maghrib in return for the refinancing loans granted to banks, the central bank added.
Bank Al-Maghrib also mentions the lengthening of these loans' terms and the strengthening of its specific refinancing program for the benefit of SMEs by including loans dedicated to working capital needs, in addition to loans for investment purposes, and increasing the frequency of their refinancing.
«Bank Al-Maghrib is also taking measures to support credit institutions on the prudential front, covering liquidity, capital and loan provisioning requirements with a view to strengthening the capacity of these institutions to support households and businesses in these exceptional circumstances», the source pointed out.
The central bank will continue to closely monitor the repercussions of the health crisis on the national economy and the financial system and would, where appropriate, take the necessary initiatives to overcome these challenges, it added.
