Nearly 1000 billion DH have been allocated by banks by the end of August, according to Bank Al-Maghrib(BAM) . This outstanding loans has increased by 4.9% compared to the same period last year.
The activation of mobile banking, as an essential instrument for financial inclusion and the fight against cash, is an imperative, according to the Wali of Bank Al-Maghrib (BAM), Abdellatif Jouahri, concerned by the impressive surge in cash during this time of health crisis related to the COVID-19 pandemic.
Drug traffickers in Casablanca have taken advantage of the crisis period induced by the Coronavirus pandemic to offer loans at exorbitant rates to street vendors.
The health crisis related to the coronavirus is having a negative impact on Moroccan banks. They are now facing a serious liquidity risk.
In its 2019 report on the economic, monetary and financial situation, the central bank is concerned about the number of bounced checks issued in 2019 and announces that the situation could worsen in 2020.
The Moroccan dirham appreciated by 0.29% against the dollar and depreciated by 0.11% against the euro, during the period from August 27 to September 2, 2020.
The health crisis related to the coronavirus has had a negative impact on the Moroccan banking sector. This is evidenced by the declines in performance in several segments.
The latest statistics from Bank Al Maghrib (BAM) indicate that the pace of growth in bank loans accelerated in the seventh month of the year, rising from 5.6% to 5.8% at the end of July, bringing the total outstanding amount to 946.11 billion dirhams.
Several CIH Bank accounts in Morocco have been drained through an unsecured website. Faced with customer complaints, the bank not only closed the site that allowed these fraudulent operations, but also decided to reimburse the victims.
The real estate assets held by Moroccan banks are a concern for the central bank. In this regard, Bank Al-Maghrib has invited banks to reduce their balance sheet.
Faced with the increase in debt payments, Moroccan banks have reduced their exposure to real estate development in recent years, especially with regard to individual entrepreneurs. The outstanding loans to this customer segment have fallen from 20 billion DH in 2014 to 6 billion DH at the end of 2019.
Bank Al Maghrib sets new rules to protect the banking sector from bankruptcy, especially in terms of real estate loans. It calls for vigilance in order to secure assets.