Moroccan Banks Launch COVID-19 Relief Measures for Households and Businesses

30 March 2020 – bySylvanus · 1 min read

The measures taken by the banks within the framework of the Economic Monitoring Committee (CVE) to support and assist households and businesses directly affected by the coronavirus, are entering their operational phase this Monday, March 30, 2020.

These measures consist of a postponement, upon request, of the installments of amortizable loans and leasing until June 30, 2020 without fees or late penalties for households and businesses directly impacted by covid-19 and the implementation of additional operating credit lines for businesses impacted by this virus, according to the Professional Group of Moroccan Banks (GPBM) in a press release.

Thanks to these additional operating credit lines covering up to 3 months of current expenses and under the conditions of the "Damane Oxygène" product guaranteed by the Central Guarantee Fund (CCG), companies will be able to have the necessary cash flow, in particular to meet the payment of their employees’ salaries and pay their suppliers.

The implementation of these measures will not only preserve the productive fabric after the health crisis, but will also contribute to the creation of wealth and employment, it is affirmed.

Category: Economy

Keywords:

Banks Employment Coronavirus in Morocco (Covid-19)