Bank Al-Maghrib, COBAC and BEAC strengthen cooperation

Sep 15, 2011

The Banking Commission of Central Africa (COBAC) and the Bank of Central African States (BEAC) signed on September 12th two cooperation agreements with the Moroccan Central Bank (Bank Al-Maghrib).

The Banking Commission of Central Africa (COBAC) and the Bank of Central African States (BEAC) signed on September 12th two cooperation agreements with the Moroccan Central Bank (Bank Al-Maghrib).

Their objective is to strengthen ties between these institutions in terms of banking control and exchange of information, Xinhua news agency reports.

One agreement covers the exchange of expertise in areas relating to the central bank's activities, notably those concerning monetary policy, human resources, audit, risk management and reserves management.

The second aims to introduce good international practices and a strengthened transnational banking supervision, as per the recommendations of the Basel Committee and the Financial Stability Council.

These signatures follow the publication of a new report from the Oxford Business Group on the stimulation of the Moroccan financial market.

It highlights a bright outlook for some Moroccan companies operating in the banking and housing sector, "with several agreements due to be signed shortly that should stimulate the Moroccan financial market during the last months of 2011 and 2012", MAP news agency reports.

The group also states that Banque Centrale Populaire should increase its capital by ten percent by entering the stock market before the end of the year.ADNFCR-2976-ID-800730769-ADNFCR