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No particular concerns about the stability of the national financial system. A confirmation made by Bank Al Maghrib in its Covid-19 supplement which came to accompany the 7th issue of the financial stability report drawn up jointly by the Central Bank, ACAPS and AMMC. This publication made public on Monday August 3 reviewed the main actions taken since the outbreak of the health crisis to date. A milestone marked by a strong mobilization of all public and private actors to support the national economy during the confinement period. The commitment is to reduce the losses of income and production while ensuring the preservation of the fundamentals of the financial sector. In this sense, the financial authorities have stepped up their coordination to monitor risk indicators and provide appropriate and proportionate responses. Among the main facts that marked this semester is the strong pressure on cash which was observed in the first days of the outbreak of the health crisis. Liquidity was indeed one of the main risks to be overcome in this exceptional context. This issue was quickly raised thanks to the monetary and prudential policy measures undertaken by Bank Al Maghrib. Indeed, the Central Bank was faced with a major challenge, that of ensuring the sufficient supply of fiat money throughout the national territory.
Bank Al Maghrib has in this sense carried out actions in coordination with the banking sector in order to continuously supply bank ATMs and maintain their availability at a high level to serve citizens in this period. difficult and provide social assistance under good conditions. “The movements of fiduciary withdrawal have amplified in a very significant way, particularly after the announcement of the period of confinement (third week of March). Subsequently, the increase in fiduciary circulation was punctuated by recurrent operations of distribution of social assistance generating significant outflows in fiduciary money ”, we can read from the Bank Al Maghrib supplement. To meet the volume of customer withdrawals, the outflows of fiduciary money operated by banks from Bank Al Maghrib over the period from March 2 to June 26, 2020 were marked by two peaks. The first was observed on March 18, namely at the start of the confinement, during which an outflow of around 3.5 billion dirhams was carried out. The second peak was observed on May 21 with an outflow of cash of 2.5 billion dirhams. “To face up to this liquidity issue, Bank Al-Maghrib’s action has been rapid, proportionate and graduated over time.
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