The Moroccan Insurance Authority (ACAPS) published an update on the twenty-second meeting of Morocco’s Coordination and Systemic Risk Monitoring Committee (CCSRS), which completed the final assessment of the previous financial stability roadmap and approved a new roadmap to strengthen the national financial stability framework. The new roadmap is built 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 CCSRS also reviewed the systemic risk map and the work of its monthly sub-committee. It highlighted a global slowdown expected in 2026 amid uncertainty around U.S. tariff policy and geopolitical tensions, while Bank Al-Maghrib projections point to domestic growth rising from 3.8% in 2024 to 5% in 2025 and averaging 4.5% over 2026–2027, with inflation expected at 1.3% in 2026 and 1.9% in 2027. Public finance projections show the budget deficit narrowing to 3.5% of GDP in 2025 and 3% in 2026–2028, with the Treasury debt ratio easing to 64% by 2028. In the financial sector, banks’ liquidity need is projected to widen to MAD 132.1 billion in 2025 and MAD 158 billion in 2027, while credit growth to the non-financial sector is expected at 4.1% in 2025 and around 5% on average over the projection horizon; the non-performing loans ratio stood at 8.7% at end-September 2025 with a 69% provisioning ratio. The committee reported that banking fundamentals have strengthened, insurance sector indicators remain solid (written premiums reached MAD 53.6 billion at end-October 2025, up 8.1% year-on-year), financial market infrastructures show strong resilience, and capital market activity remained strong in 2025, including a 28.2% annual increase in the MASI index as of 22 December and UCITS net assets of MAD 803.74 billion as of 5 December. The CCSRS was briefed on a 27 November high-level meeting that marked 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 noted progress on the financial sector roadmap under the national AML/CFT strategy led by the ANRF.

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