2023-06-21 06:40:03
By On June 21, 2023 08:40
The Wali of Bank Al-Maghrib (BAM), Abdellatif Jouahri, underlined, on Tuesday in Rabat, the need to modernize payment systems to cope with the increase in fiduciary circulation in Morocco.
“There needs to be a modernization of payment systems and a change of paradigms in terms of technology,” Jouahri said during a press briefing after the second quarterly meeting of BAM’s Board under the year 2023, in response to a question relating to the measures capable of dealing with the increase in preference for cash.
In this sense, he noted the need for a “change of culture”, through several actions, for example, the use of “mobile banking” for the granting of future government aid, in order to accelerate the generalization of this technique and facilitate its adoption.
“In our country, cash is a tradition because it is easy and risk-free,” he noted, noting that the increase also reflects the high weight of the informal sector, which accounts for around 30% of GDP.
Returning to the main causes, Mr. Jouahri emphasized the effects of the health crisis, in addition to the increase in tourist arrivals and transfers of Moroccans residing abroad (MRE).
After three successive increases of a total of 150 basis points, the Board of BAM decided to mark a pause in the monetary policy tightening cycle and to keep the key rate unchanged at 3%.
The decisions of the Board, at its next meetings, will take into account in particular the in-depth and updated assessment of the cumulative effects of its rate increases and the impact of the various measures implemented by the government to support certain sectors of activity. and purchasing power.
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