Morocco
Banks' "Free" Loan Deferrals May Come with Hidden Costs, Experts Warn
The deferral of credit maturities "without fees or penalties" would generate additional interest.
Topic
Banks
Morocco
Moroccan Lawmaker Slams Banks for Raising Interest Rates During Pandemic
The practices of certain banks are not to the liking of the Istiqlali deputy and former Minister of Tourism, Lahcen Haddad . During the oral question session of the first Chamber, he denounced the banks that have increased their interest rates in this period of health crisis against the deferral of loan payments that they have subscribed to their clients.
Morocco
Moody's Downgrades Outlook for Moroccan Banks Amid COVID-19 and Economic Challenges
In this context marked by the health crisis and the drastic drop in oil prices, Moody’s intends to revise the outlook for the Moroccan banking system from stable to negative.
Morocco
Moroccan Human Rights Group Alleges Banks Violate COVID-19 Debt Relief Measures
In a letter addressed to the Head of Government, the Minister of Economy and Finance, the President of the Professional Grouping of Banks of Morocco (GPBM), and the Wali of Bank Al Maghrib (BAM), the regional office of the Moroccan Association of Human Rights (AMDH) in Fès-Meknès denounces "refusals to postpone bank credit deadlines by certain agencies".
Morocco
Moroccan Banks Process 400,000 Loan Deferral Requests Amid COVID-19 Crisis
In two weeks, Moroccan banks have received and processed nearly 400,000 requests for the deferral of loan installments, with a rejection rate not exceeding 4%, according to the Professional Group of Banks (GPBM) in a press release.
Morocco
Moroccan Banks Praise 60,000 Frontline Workers Amid COVID-19 Crisis
The Moroccan banking sector is receiving the support of the Professional Group of Banks of Morocco (GPBM) for the effort made in the prevention and management of the consequences of the pandemic on all levels. For the GPBM, even if the banks have been and continue to be shaken by the crisis caused by covid-19, they ensure the continuity of banking services.
Morocco
Thieves Target Vulnerable ATM Users During Morocco's Health Emergency
While the state of health emergency in Morocco has resulted in a remarkable drop in crime, this also represents fertile ground for pickpockets.
Morocco
Mortgage Rates Plummet in Morocco, Sparking Real Estate Investment Hopes
The real estate credit sector is bearing the brunt of the current crisis, to the delight of solvent customers who find themselves advantaged by the drop in benchmark rates never before recorded.
Morocco
Visa Raises Contactless Payment Limit in Morocco to 400 Dirhams
The ceiling for contactless transactions and without PIN code has been raised from 230 to 400 dirhams. This is what VISA has decided in collaboration with Moroccan banks.
Morocco
Moroccan Dirham Strengthens Against Euro, Weakens vs Dollar; Reserves Rise
The dirham appreciated by 0.19% against the euro and depreciated by 0.46% against the dollar during the period from April 2 to April 8, according to Bank Al-Maghrib (BAM).
Morocco
Moroccan Officials Warn Banks Over COVID-19 Safety Violations at ATMs
Following the "shortcomings observed in the hygiene rules in front of bank counters, the Wali of the Souss-Massa region, Ahmed Hajji, in a correspondence, reminded the regional directors of banks of the roles that are theirs in the fight against the coronavirus.
Morocco
Morocco's Foreign Exchange Reserves Rise to $25.6 Billion, Dirham Weakens Against Euro and Dollar
The central bank indicated in its latest weekly indicator bulletin that Morocco’s net international foreign exchange reserves stood at nearly $25.6 billion as of March 27, 2020, up 2.9% from the previous week.