Moroccan Banks See Surge in Cash Withdrawals Amid Tax Concerns and Pandemic Fears

During a meeting of the Financial Commission in parliament, the deputy indicated that the Covid-19 pandemic has created panic among Moroccans, who have rushed to empty their bank accounts.

Addressing the Minister of Economy and Finance, Mohamed Benchaâboun, the Pamist stressed that "the banks are now in the houses, the safes and the pillows", noting that the "Notices to Third Parties" (Seizure on account by the Tax Authorities) and certain public limited companies have contributed to the massive withdrawal of cash.

In 2008, at the same period, a similar phenomenon had occurred in Morocco, following the bankruptcy of the international bank Lehman Brothers. A massive withdrawal movement had been observed in all bank branches.