São Paulo – Bank Al-Maghrib, Morocco’s central bank, has enacted a set of monetary policies and preventive measures to support access to bank credit for households and businesses. The move is intended to counter the impact of coronavirus on the local economy.
The news was made public this Tuesday (31) by Morocco’s official news outlet Maghreb Arabe Presse (MAP). The measures will allow Moroccan banks to tap into all available refinancing tools as well as lengthen loan repayment times.
Additionally, the Bank Al-Maghrib package enhances an ongoing refinancing program for small and medium businesses by including operating loans, in addition to investment loans, and increasing refinancing frequency. Banks will also get support, the Moroccan central bank said.
“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,” MAP reported.
“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,” according to MAP.
Translated by Gabriel Pomerancblum
