Morocco’s central bank finalizes cash strategy, pushes for mobile banking shift

Governor of Bank Al-Maghrib, Abdellatif Jouahri, revealed on Tuesday that the central bank has finalized a strategic framework to address Morocco’s heavy reliance on cash.

He explained that relevant stakeholders have received the proposal for review, given that the impact of liquidity circulation involves multiple actors. Members of the Bank’s board have also received copies for discussion.

Jouahri said he expects feedback from these parties by the end of June, before the summer recess, with the aim of reaching a finalized version.

He added that a joint conference or the release of the report to government and institutional partners could follow.

Key proposals include maximizing the use of digital transactions, particularly through mobile banking and mobile-based transfers and payments. Jouahri stressed the urgency of moving toward widespread mobile banking adoption, along with “other constructive proposals” to be unveiled next month once discussions conclude.

The governor expressed optimism, stating, “If there is genuine commitment from all sides, success is possible—as seen in other countries, even those with large informal sectors like ours.” He noted that informality remains a challenge but not an insurmountable barrier.

On geopolitical risks, Jouahri said it is too early to assess the economic impact of the Iran-Israel conflict. He described the situation as unpredictable, citing the unstable ceasefire and shifting rhetoric, including contradictory statements from U.S. President Donald Trump.

Bank Al-Maghrib continues to monitor developments closely and will reassess if needed before the next board meeting in September.

Jouahri also commented on U.S. tariff policies, noting that Morocco is awaiting clarity, especially given its free trade agreement with the United States.

“Each country is being dealt with individually,” he said, “and we are waiting to see how discussions with Morocco will unfold.”