The Central Bank of Morocco published the outcomes of the Coordination and Systemic Risk Monitoring Committee’s twenty-second meeting, which completed the final assessment of the previous financial stability roadmap and approved a new roadmap to strengthen the national financial stability framework. The plan is structured around five pillars: strengthening the institutional and legal framework, deepening the analytical framework, developing macroprudential instruments, reinforcing resolution and crisis management, and enhancing financial stability communication. The committee also reviewed the systemic risk map and the monthly sub-committee’s holistic analysis of financial conditions and macro trends. It flagged an expected slowdown in the global economy in 2026 with improvement only in 2027 amid uncertainty around US tariff policy and geopolitical tensions, while Bank Al-Maghrib projections point to domestic growth rising to 5% in 2025 and averaging 4.5% over 2026–2027, with inflation increasing to 1.3% in 2026 and 1.9% in 2027. The current account deficit was expected to remain contained at 1.8% of GDP in 2025 and stay below 2% over the next two years, with reserve assets covering around five and a half months of imports. In the financial sector, banks’ liquidity needs were projected to widen to MAD 132.1 billion in 2025 and the non-performing loans ratio remained elevated at 8.7% at end-September 2025, while profitability and capital ratios stayed above regulatory minimums; financial market infrastructures and the insurance sector were assessed as resilient, alongside continued strength in capital markets. The committee was briefed on the official launch of the MENAFATF mutual assessment process for Morocco’s AML/CFT framework, with the assessment scheduled to start in November 2026, and took note of progress in implementing the financial-sector roadmap under the national AML/CFT strategy led by the ANRF.
Central Bank of Morocco 2025-12-23
Central Bank of Morocco systemic risk committee approves new five-pillar financial stability roadmap
The Central Bank of Morocco's Coordination and Systemic Risk Monitoring Committee finalized the previous financial stability roadmap and approved a new one to strengthen the national financial stability framework. The committee noted an expected global economic slowdown in 2026, with domestic growth projected to rise to 5% in 2025 and average 4.5% over 2026–2027. Additionally, the MENAFATF mutual assessment process for Morocco's Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework was launched, with the assessment set to begin in November 2026.