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No dividends this year for banks in Morocco

Bank Al-Maghrib (BAM) has called on credit institutions to suspend all dividend distributions for the 2019 fiscal year until further notice, BAM said in a statement.

In the context of the pandemic Covid-19 crisis, credit institutions are called upon to strengthen their role in financing the economy, notes the press release, adding that for this purpose, BAM has already adopted a set of measures monetary and prudential policy aimed at facilitating access to bank credit for the benefit of both households and businesses.

For the same purpose, it is important that credit institutions keep sufficient capital to cope with the effects of the crisis and thus preserve their capacity to provide financing in these exceptional circumstances, the same source notes.

BAM will continue to monitor closely the implications of the health crisis on the national economy and the financial system and will take steps, if necessary, to address them, the statement added.

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