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Rabat — Morocco expressed today its intention to unite Arab central banks to join forces amidst global economic problems. Bank Al Maghrib’s (BAM) Governor Abdellatif Jouahri made this call at a banking meeting in Tunis on Wednesday.
In a statement to Morocco’s news agency (MAP), Jouahri said that cooperation between Arab central banks is a must to handle political, economic, and trade shocks hitting the world.
He believes that instead of each country working alone to solve these problems, working together is better.
Speaking at the 49th meeting of Arab central bank governors in Tunisia, Jouahri said that “cooperation between Arab central banks helps us face global shocks.”
Morocco leads the way
Morocco already leads by example, as the country’s monetary policy numbers are “exemplary,” Jouahri said. The North African country was removed from the Financial Action Task Force’s watchdog ‘gray list’ in 2023, setting an example and inspiring other Arab countries.
“Countries on the gray list can learn from Morocco’s experience,” Jouahri explained.
King Mohammed VI’s policies of building stronger ties across the region are evident in Morocco’s central bank’s partnerships with several Arab institutions.
New type of cooperation
Morocco wants to change how Arab banks work together. Instead of solely making mutual deposits, Jouahri suggests “technical cooperation” to tackle modern challenges like digital banking and climate change.
“We need to share experiences in monetary policy during these uncertain times,” he said, explaining that this will benefit all central banks at a time when global problems affect everyone.
Bridging differences
Industries throughout Arab countries vary: Some produce oil, while others don’t, creating a significant economic gap. Morocco believes that cooperation can bridge these gaps through shared knowledge and coordinated policies.
Sudan is chairing the two-day meeting organized by the Arab Monetary Fund and Tunisia’s Central Bank. The summit brings together central bank chiefs from across the Arab world.
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