Tous les articles correspondant à #Bank Al-Maghrib

Bank Al-Maghrib has published a working paper examining the prospects for a digital dirham, drawing lessons from four African countries with different approaches to central bank digital currencies (CBDCs). Nigeria launched its eNaira in 2021, Kenya put its project on hold, Mauritius introduced targeted regulations for digital assets, and Egypt is testing cross-border payments with Morocco and the World Bank.

Cash in circulation in Morocco has risen from 70 billion dirhams in 2001 to more than 500 billion dirhams in 2025. As cash remains deeply rooted in payment habits and electronic payments face adoption challenges, Bank Al-Maghrib is examining the possibility of introducing a digital dirham.

The studies examine the implications of a digital dirham for Morocco and model its potential integration into a small open economy.

Morocco’s inflation rate has remained subdued in 2026, with average price growth limited to 0.3% during the first eight months of the year. The slowdown is expected to continue through the end of 2026 before inflation picks up in 2027, when Bank Al-Maghrib forecasts a rate of 1.5%, mainly as the impact of favorable harvests on food prices fades.

The agreements cover banking supervision, Islamic finance, payment systems and financial messaging, with a focus on improving cross-border transactions between Morocco and the UAE.

Bank Al-Maghrib will cut domestic card interchange fee ceilings from 0.65% to 0.50%, with a lower 0.15% cap for government e-payments and local retailers.

Despite a widening trade deficit, Morocco’s official foreign exchange reserves are expected to keep rising, reaching MAD 502.8 billion by the end of 2026 and MAD 515.3 billion in 2027. Tourism revenues and remittances from Moroccans living abroad are among the main drivers of the increase, providing a strong flow of foreign currency.

Inflation is expected to remain subdued this year despite energy price pressures, while underlying inflation is projected to accelerate through 2027.

Agricultural output seen surging 16pc on 93m-quintal cereal harvest; non-farm growth loses pace as mining and manufacturing fall short.