The London Financial and International Journal of Financial and International Affairs, “The Banker”, choose Bank Al-Maghrib (BAM) Governor Abdellatif Jouahri as the best central banker in Africa for 2019.
The magazine, which belongs to the Financial Times, said it had choosen the governor of Bank Al-Maghrib for his approach to monetary policy that contributed to Morocco’s economic growth.
“The banking sector in the country is being boosted in large part by the initiatives of the Central Bank and its Governor Abdellatif Jouahri,” the magazine said.
The magazine also highlighted the achievements of the Moroccan central bank, including the successful transition to a flexible exchange rate system, the reduction of debt for the first time since 2010, the launch of mobile phone performance and the control of inflation, averaging 1.5 percent over the past 10 years.
The Moroccan economy remained strong despite the challenges and difficulties it faced following the “severe drought impact on economic growth in 2016, which was only 1.2 per cent,” the magazine said, adding that improved weather conditions boosted the country’s overall outlook in 2017, Gross domestic product by 4.4 per cent.
The Moroccan economy “continues to provide solid foundations, although the country faces some development problems,” the magazine said.
BAM’s numbers have been forecast to grow by 3.5 per cent in 2018, before forecasting a slight decline to 3.1 per cent in 2019. The country’s banking sector has been boosted in large part by the Bank’s initiatives, Morocco and the province of Abdellatif Jouahri.
The Best Banking Award honors bankers who “have succeeded in stimulating growth and stabilizing their economies.” Jouahri’s coronation at the African level is also reflected in efforts to monitor and strengthen the strength of the local banking sector.
The magazine also concluded that the central bank was working to liberalize the Moroccan currency, which would be linked to a currency basket of 60 percent of the euro and 40 percent of the US dollar.