Morocco’s Central Bank Grants Amnesty for Bounced Checks, Sparking Economic Debate

This tax measure contained in the next 2021 Finance Act is the subject of strong criticism by some, while at the same time, others firmly support it, observes Maroc Hebdo.

Issuing a check without funds results in a banking ban. But with this decision, Moroccans can regularize their situation with the central bank by paying a fine. It is 0.5% (junction 1), 1% (junction 2), and 1.5% (junction 3). The new measures run until March 31, 2021. This decision is based on decree 2-20-690 adopted on September 24, 2020, the same source adds, stating that this amnesty is a real relief for a large part of Moroccans.

In reality, this initiative is not a first in Morocco. The State has already resorted to a similar decision in 2019. At the time, it was accompanied by capped amounts of 10,000 dirhams for individuals and 50,000 for businesses. The 1st amnesty bore fruit, as it allowed thousands of beneficiaries to regularize their situation and reintegrate the banking circuit.