The digital currency law project enters a decisive phase.. Jawhari affirms the priority of discussion and Morocco’s commitment to its financial obligations
Express TV: Mustafa Filali
Abdelatif Jouahri, Governor of Bank Al-Maghrib, revealed that the central bank has submitted a request to the government’s General Secretariat to grant priority status to the digital currency law project, allowing it to be presented to Parliament for approval after nearly three years of preparation in partnership with the World Bank.
Jouahri clarified during the press conference following the third quarterly meeting of the bank’s council this year that the figures circulating regarding the volume of cryptocurrency dealings among Moroccans remain scattered. He emphasized that the urgent need now is to establish the legal framework that will allow for licensing, tracking activities, and regulating transactions. He confirmed that legalizing this domain has become an urgent matter, highlighted by the recent G20 recommendations and the consensus among central banks on the significance of Morocco’s initiative, positioning the kingdom as a regional leader.
Regarding the financial situation, the Governor of Bank Al-Maghrib indicated that the upcoming election year will not affect the kingdom’s commitments to international financial institutions, particularly the International Monetary Fund. He underscored Morocco’s commitment to keep the budget deficit below 3.5% and maintain the debt ratio below 65%. He also explained that the flexible credit line of $3.5 billion granted to Morocco allows for immediate withdrawals without additional conditions, asserting that these commitments have been renewed over the past two years.
