Publication: Kingdom of Morocco : Financial Sector Assessment Update
Date
2008-09
ISSN
Published
2008-09
Author(s)
World Bank
Abstract
A joint World Bank and International
Monetary Fund team visited Morocco in November 2007 at the
request of the authorities to update the analysis and
recommendations made in the framework of the Financial
Sector Assessment Program (FSAP) in 2002 and to assist the
authorities in preparing their medium-term strategy for
modernizing financial intermediation in Morocco. This
Financial Sector Assessment (FSA) summarizes the following
main topics: (i) analysis of the progress made by the
Moroccan authorities in implementing the recommendations of
the 2002 FSAP; (ii) identification of potential risks in the
financial sector that could have macroeconomic repercussions
or could hamper the development oft he financial system;
(iii) assessment of the stability of the financial system
and its capacity to manage the risks resulting from the
policy of openness, and the system's resistance to
these shocks; (iv) review of the authorities'
initiatives to increase the rate of bank penetration and
improve access to financial services; and (v) assessment of
the degree of compliance with the Basel Committee core
principles for Effective Banking Supervision (BCP) and with
the core principles of the International Association of
Insurance Supervisors (IAIS). This report also discussed
with the authorities the main points of the capital market
surveillance assessment prepared in 2006 by International
Organization of Securities Commission (IOSCO), the
evaluation by the Arab Initiative for payments and
securities settlement systems in 2007, and the MENAFATF
assessment of compliance with the Financial Action Task
Force on Money Laundering (FATF's) Anti Money
Laundering and Combating the Financing of Terrorist
(AML-CFT) recommendations in 2007.
Citation
“World Bank. 2008. Kingdom of Morocco : Financial Sector Assessment Update. © Washington, DC. http://openknowledge.worldbank.org/entities/publication/247de55b-5d7a-5527-b696-d51e3d11201d License: CC BY 3.0 IGO.”