Rabat, Morocco (TMT)- Morocco’s central bank, Bank Al-Maghrib (BAM), is calling upon all credit institutions in Morocco to suspend dividend distributions for the year 2019, given the dire economic circumstances the country is witnessing amid the spread of the novel coronavirus.
In a statement shared yesterday, BAM also called upon all credit institutions to bolster their role in financing the national economy.
BAM also said it took various measures since the start of the pandemic “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.”
BAM noted it 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.”
