Publication: Kingdom of Morocco : Financial Sector Assessment Update
Loading...
Date
2008-09
ISSN
Published
2008-09
Author(s)
Editor(s)
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.
Link to Data Set
Citation
“World Bank. 2008. Kingdom of Morocco : Financial Sector Assessment Update. © World Bank. http://hdl.handle.net/10986/8091 License: CC BY 3.0 IGO.”
Associated URLs
Associated content
Other publications in this report series
Journal
Journal Volume
Journal Issue
Collections
Related items
Showing items related by metadata.
Publication Financial Sector Assessment : Bulgaria(Washington, DC, 2002-12)This Financial Sector Assessment (FSA) summarizes the Financial Sector Assessment Program (FSAP) findings for Bulgaria, and reports on the actions of the government and the Bulgarian National Bank (BNB) to date in response to the FSAP recommendations. The FSAP mission visited Sofia during the period October 29 to November 14, 2001. The Bulgaria FSAP took place after five years of aggressive financial reforms in response to the deep economic and financial crisis of 1996-97. After the collapse of the banking system and establishment of the Currency Board Arrangement (CBA) in July 1997, the government and the BNB pursued structural and institutional reforms in both the enterprise and banking sectors, including the privatization of about 85 percent of the banking system assets, mainly to foreign financial institutions, and the upgrading of banking supervision capabilities at the BNB. The FSAP mission occurred at a time when the banking system had stabilized, but financial intermediation remained low compared to the more advanced transition economies. In addition to the assessments of compliance with standards and codes, the Bulgaria mission focused on addressing the constraints to lending and advising the BNB on how to ensure that an expansion of bank lending does not jeopardize the gains in financial stabilization. The FSAP findings were major inputs to the medium term program to be supported by the Programmatic Adjustment Loans (PALS).Publication Financial Sector Assessment : Croatia(Washington, DC, 2002-12)This Financial Sector Assessment (FSA) summarizes the Financial Sector Assessment Program (FSAP) report for Croatia. The FSAP mission visited Zagreb during the period September 3-14,200l and discussed its preliminary findings with the representatives of the Croatia National Bank (CNB) and Ministry of Finance (MoF) on September 14, 2001. The mission also discussed the assessments of observance of codes and standards with relevant government offices and agencies. An assessment was also made of the legal and institutional arrangements for Anti-Money Laundering/Combating the Financing of Terrorism (AMLKFT). The final FSAP report was submitted in November 2002.Publication Financial Sector Assessment : Vietnam(Washington, DC, 2014-06)Vietnam has achieved remarkable progress since the start of its transition from a centrally planned economy in the mid-1980s. The Economic Renovation Policy announced in December 1986 marked the transition from a centrally planned economy to a mixed economy with greater reliance on markets and increased participation of private financial and non-financial institutions. These reforms contributed to an impressive performance in the last two decades, since 1990 the annual GDP growth has exceed 7 percent and per capita income has increased three-fold. This Financial Sector Assessment Program (FSAP) provides a broad set of policy recommendations that can be used to operationalize the SEDP and the banking restructuring program. The recommendations fall into three groups: (i) a plan to work out the large stock of existing NPLs; (ii) measures to ensure sound new flows of finance and prevent the accumulation of additional NPLs; and (iii) a set of policy steps designed to protect the financial sector during the envisaged reform period. For each group of measures, the plan identifies pre-conditions (first phase) and sub-sets of measures that needs to be implemented in the short run (second phase) as well as those that can be phased in over the medium term (third phase).Publication Financial Sector Assessment Update : Albania(World Bank, Washington, DC, 2014-02)Although the Albanian financial system withstood the shocks of 2008 global crisis relatively well, it continues to operate in highly uncertain macroeconomic environment, which triggers increased vulnerabilities in the system. The decline in profitability, growing non-performing loans (NPLs), substantial level of euroization, continued deleveraging of foreign bank subsidiaries and significant investments in government bonds in the absence of active secondary market are the main challenges that banking system faces. Given strong trade and financial links with euro area, the financial system and real sector in general are increasingly vulnerable to external shocks as well. Since 2007 the Bank of Albania (BoA) has introduced several macro-prudential measures to safeguard financial stability in the country. Higher risk weights and stricter loan-to-value and debt-to-income ratios were placed on banks surpassing twin limits on the rate of credit growth and NPL levels. A second set of macro-prudential policies was put in place in late 2011 to limit contagion risks and international spillovers: (i) foreign bank branches were converted into subsidiaries; (ii) liquidity regulations were tightened; and (iii) the regulation on related-party exposure was enhanced. In addition to that, the risk weights for unhedged borrowers were increased to 150 percent and a limit of such loans was set to 400 percent of capital. Overall, financial reporting legislation in Albania has improved recently and has a high degree of alignment with the acquis communautaire of the European Union (EU).Publication Financial Sector Assessment Program : Nigeria - Basel Core Principles for Effective Banking Supervision(World Bank, Washington, DC, 2013-05)The assessment of the current state of the implementation of the Basel Core Principles (BCP) for effective banking supervision in Nigeria, against the BCP methodology issued by the Basel Committee on Banking Supervision (BCBS) in October 2006, was completed between August 27 and September 19, 2012, as part of a Financial Sector Assessment Program (FSAP) update, undertaken jointly by the Fund (IMF) and the World Bank, and reflects the regulatory and supervisory framework in place as of the date of the completion of the assessment. An assessment of the effectiveness of banking supervision requires a review of the legal framework, both generally and as specifically related to the financial sector, and a detailed examination of the policies and practices of the institutions responsible for banking supervision. Banking systems differ from one country to another, as do their domestic circumstances. The BCPs are capable of application to a wide range of jurisdictions whose banking sectors will inevitably include a broad spectrum of banks. The co-ordination of the activities of the Nigerian banking sector supervisory authorities is conducted under the aegis of the Central Bank of Nigeria (CBN)/Nigeria Deposit Insurance Corporation (NDIC) executive committee on supervision which should ensure that operations of the two supervisory authorities are coordinated to remove overlaps, avoid gaps and ensure adequate information sharing on issues of supervisory concern. The Financial Services Regulation Coordinating Committee (FSRCC) provides the platform for the co-ordination among and information sharing with regulatory authorities, inter alia with reference to financial sector stability, and supervision of financial conglomerates, financial holding companies and bank holding companies. The Nigerian economy has experienced a number of domestic and external shocks in recent years, which impacted the banking sector. The Nigerian economy emerged from the banking crisis, and has the potential to enjoy an extended period of strong economic growth.
Users also downloaded
Showing related downloaded files
Publication Argentina Country Climate and Development Report(World Bank, Washington, DC, 2022-11)The Argentina Country Climate and Development Report (CCDR) explores opportunities and identifies trade-offs for aligning Argentina’s growth and poverty reduction policies with its commitments on, and its ability to withstand, climate change. It assesses how the country can: reduce its vulnerability to climate shocks through targeted public and private investments and adequation of social protection. The report also shows how Argentina can seize the benefits of a global decarbonization path to sustain a more robust economic growth through further development of Argentina’s potential for renewable energy, energy efficiency actions, the lithium value chain, as well as climate-smart agriculture (and land use) options. Given Argentina’s context, this CCDR focuses on win-win policies and investments, which have large co-benefits or can contribute to raising the country’s growth while helping to adapt the economy, also considering how human capital actions can accompany a just transition.Publication The Journey Ahead(Washington, DC: World Bank, 2024-10-31)The Journey Ahead: Supporting Successful Migration in Europe and Central Asia provides an in-depth analysis of international migration in Europe and Central Asia (ECA) and the implications for policy making. By identifying challenges and opportunities associated with migration in the region, it aims to inform a more nuanced, evidencebased debate on the costs and benefits of cross-border mobility. Using data-driven insights and new analysis, the report shows that migration has been an engine of prosperity and has helped address some of ECA’s demographic and socioeconomic disparities. Yet, migration’s full economic potential remains untapped. The report identifies multiple barriers keeping migration from achieving its full potential. Crucially, it argues that policies in both origin and destination countries can help maximize the development impacts of migration and effectively manage the economic, social, and political costs. Drawing from a wide range of literature, country experiences, and novel analysis, The Journey Ahead presents actionable policy options to enhance the benefits of migration for destination and origin countries and migrants themselves. Some measures can be taken unilaterally by countries, whereas others require close bilateral or regional coordination. The recommendations are tailored to different types of migration— forced displacement as well as high-skilled and low-skilled economic migration—and from the perspectives of both sending and receiving countries. This report serves as a comprehensive resource for governments, development partners, and other stakeholders throughout Europe and Central Asia, where the richness and diversity of migration experiences provide valuable insights for policy makers in other regions of the world.Publication Lebanon Economic Monitor, Fall 2022(Washington, DC, 2022-11)The economy continues to contract, albeit at a somewhat slower pace. Public finances improved in 2021, but only because spending collapsed faster than revenue generation. Testament to the continued atrophy of Lebanon’s economy, the Lebanese Pound continues to depreciate sharply. The sharp deterioration in the currency continues to drive surging inflation, in triple digits since July 2020, impacting the poor and vulnerable the most. An unprecedented institutional vacuum will likely further delay any agreement on crisis resolution and much needed reforms; this includes prior actions as part of the April 2022 International Monetary Fund (IMF) staff-level agreement (SLA). Divergent views among key stakeholders on how to distribute the financial losses remains the main bottleneck for reaching an agreement on a comprehensive reform agenda. Lebanon needs to urgently adopt a domestic, equitable, and comprehensive solution that is predicated on: (i) addressing upfront the balance sheet impairments, (ii) restoring liquidity, and (iii) adhering to sound global practices of bail-in solutions based on a hierarchy of creditors (starting with banks’ shareholders) that protects small depositors.Publication Classroom Assessment to Support Foundational Literacy(Washington, DC: World Bank, 2025-03-21)This document focuses primarily on how classroom assessment activities can measure students’ literacy skills as they progress along a learning trajectory towards reading fluently and with comprehension by the end of primary school grades. The document addresses considerations regarding the design and implementation of early grade reading classroom assessment, provides examples of assessment activities from a variety of countries and contexts, and discusses the importance of incorporating classroom assessment practices into teacher training and professional development opportunities for teachers. The structure of the document is as follows. The first section presents definitions and addresses basic questions on classroom assessment. Section 2 covers the intersection between assessment and early grade reading by discussing how learning assessment can measure early grade reading skills following the reading learning trajectory. Section 3 compares some of the most common early grade literacy assessment tools with respect to the early grade reading skills and developmental phases. Section 4 of the document addresses teacher training considerations in developing, scoring, and using early grade reading assessment. Additional issues in assessing reading skills in the classroom and using assessment results to improve teaching and learning are reviewed in section 5. Throughout the document, country cases are presented to demonstrate how assessment activities can be implemented in the classroom in different contexts.Publication World Development Report 2006(Washington, DC, 2005)This year’s Word Development Report (WDR), the twenty-eighth, looks at the role of equity in the development process. It defines equity in terms of two basic principles. The first is equal opportunities: that a person’s chances in life should be determined by his or her talents and efforts, rather than by pre-determined circumstances such as race, gender, social or family background. The second principle is the avoidance of extreme deprivation in outcomes, particularly in health, education and consumption levels. This principle thus includes the objective of poverty reduction. The report’s main message is that, in the long run, the pursuit of equity and the pursuit of economic prosperity are complementary. In addition to detailed chapters exploring these and related issues, the Report contains selected data from the World Development Indicators 2005‹an appendix of economic and social data for over 200 countries. This Report offers practical insights for policymakers, executives, scholars, and all those with an interest in economic development.