Banking

Morocco’s banking sector remained resilient in 2013, benefitting from cash injections from Bank Al Maghrib, the central bank, and the industry is among the most sophisticated on the continent. Although liquidity is still less than ideal and non-performing loans have inched upwards, indicators have been positive for the sector, with capital adequacy requirements well above Basel III and deposits growing robustly. In what was both a local and a regional first, 2013 saw a private Moroccan financial institution turn to the international capital markets to float $300m worth of bonds. With Europe’s economy slowly seeing a much-needed improvement (the European Central Bank forecasts economic growth of 1.1% in 2014 and 1.5% in 2015 for the area) and Morocco establishing a number of partnerships with Middle Eastern, US and Asian partners, the country as a whole should benefit. This chapter contains interviews with Abdellatif Jouahri, Governor, Bank Al Maghrib, and Othman Benjelloun, President, BMCE Bank.