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IMF Country Report No. 22/380
MOROCCO
CENTRAL BANK TRANSPARENCY CODE REVIEW
December 2022
This paper on Morocco was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time of the mission and it was completed on December 12, 2022.
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Title Page
MOROCCO
CENTRAL BANK TRANSPARENCY CODE REVIEW
December 12, 2022
DETAILED REVIEW REPORT
Prepared By
Monetary and Capital Markets Department
This report was prepared by a virtual IMF mission in Morocco in March-April 2022, led by Joelle El Gemayel (MCM), and comprising Sanjeev Matai (FIN); Luisa Malcherek (LEG); Erik Oppers, Bernard J. Laurens, Marcela Matamoros (MCM external experts), and Varoujan Avedikian (LEG external expert). The production assistance was provided by Julie Vaselopulos.
The team extends its warm thanks to Bank-Al Maghrib Board, senior management and staff, who provided excellent cooperation, and to outside stakeholders and interested public for their valuable views and insights.
Contents
Glossary
EXECUTIVE SUMMARY
A. Key Recommendations
SCOPE AND OBJECTIVE
APPROACH AND METHODOLOGY
BACKGROUND
MAIN FINDINGS
A. Pillar I: Transparency in Governance
B. Pillars II, III, and IV: Transparency in Policies, Operations, and Outcome
C. Pillar V: Transparency in Official Relations
DETAILED REVIEW
BOXES
1. Bank-Al Maghrib and Transparency Over COVID-19 Measures
2. Mission of Bank-Al Maghrib with Regard to Financial Inclusion
TABLES
1. Central Bank Transparency Overview for Bank Al-Maghrib
2. CBT Review—Detailed Review Report for Bank Al-Maghrib
APPENDIX
I. Authorities’ Response to Detailed Review Report
Glossary
| ACAPS | Insurance and Pensions Authority |
| AIV | IMF Article IV |
| AML/CFT | Anti-Money Laundering/Countering the Financing of Terrorism |
| AMMC | Capital Markets Authority |
| AR | Annual Report of the BAM |
| AREAER | IMF Annual Report on Exchange Arrangements and Exchange Restrictions |
| BAM | Bank-Al Maghrib |
| BIS | Bank for International Settlements |
| CBT | IMF Central Bank Transparency Code |
| CC | Crisis Committee |
| CCSRS | Systemic Risk Coordination and Monitoring Committee |
| CDAI | Commission du Droit d’Accès à l’Information |
| CMMB | Moroccan Mediation Center |
| CNDP | National Commission for the Protection of Personal Data |
| CPI | Consumer Price Index |
| CSR | Corporate Social Responsibility |
| ELA | Emergency Liquidity Assistance |
| EMC | Economic Monitoring Committee |
| FMEF | Moroccan Foundation for Financial Education |
| FSAP | IMF Financial Sector Assessment Program |
| FSC | Financial Stability Committee |
| FSR | Financial Stability Report |
| FX | Foreign Exchange |
| FXI | Foreign Exchange Intervention |
| GDP | Gross Domestic Product |
| GRC | Governance, Risk, and Compliance |
| GRMP | Global Risk Management Policy |
| HCM | Human Capital Management |
| IFRS | International Financial Reporting Standards |
| ISA | International Standards on Auditing |
| IT | Inflation Targeting |
| MFC | Monetary and Financial Committee |
| MoF | Ministry of Economy and Finance |
| MoU | Memorandum of Understandings |
| MRP | Monetary Policy Report |
| MVTS | Money and Value Transfer Services |
| OMO | Open Market Operations |
| QAIP | Quality Assurance and Improvement Program |
| Q&A | Questions and Answers |
| SCCR | Systemic Risks Coordination and Monitoring Committee |
| SDDS | IMF Special Data Dissemination Standard |
| USD | U.S. Dollar |