Moroccan Banks Process 400,000 Loan Deferral Requests Amid COVID-19 Crisis

The banks have "mobilized to operationalize the measures taken to support and assist companies and households directly affected by the consequences of covid-19". This, through the deferral on request of the installments of amortizable loans and leasing for companies and households, the granting on request of additional operating credit lines for companies at a moderate interest rate to enable them to cope with current expenses such as the payment of salaries and suppliers.

The banking sector has also been mobilized for "the distribution operations of the exceptional direct aid from the covid-19 pandemic management fund for the informal sector and employees affiliated with the CNSS in temporary work stoppage". The GPBM stresses that more than "200,000 beneficiaries per day have been served and will continue to be served in accordance with the procedures and schedule set by the competent authorities".

The GPBM also commends the professionalism of Bank Al-Maghrib, which "has spared no effort to make available to the banking sector the necessary means and facilities of monetary policy and prudential regulation".