The Central Bank of Morocco approved a package of new measures, with the aim of increasing the capability of refinancing the banks by three times as they were, in order to enable them to support the Moroccan economy in the face of the "Corona crisis".
The central bank will open to banks the possibility of resorting to all available means of refinancing, whether in Moroccan dirhams or other currencies and has decided in this context to extend the deadlines for refinancing operations granted to banks, in addition to expanding the range of bonds and securities accepted by Bank Al-Maghrib, in exchange for operations of refinancing granted to banks, to include a very wide range.
The Central Bank of Morocco also decided to strengthen its program to refinance small and medium enterprises, by merging operational loans, in addition to investment loans, and increasing the pace of refinancing.
Bank Al-Maghrib has taken a number of measures to keep pace with credit institutions on a prudential level. These measures include requirements for liquidity, self-funds and debt allocations, in order to enhance the ability of these institutions to support families and enterprises in these exceptional circumstances.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
