Morocco’s financial stability framework is built on a three-tiered system designed to monitor risks, coordinate regulatory responses, and manage crises if they arise. At the heart of this architecture are three key bodies: an internal committee within Bank Al-Maghrib, a cross-regulatory coordination committee, and a crisis management committee that can be activated in emergencies. Each relies on joint working groups that bring together expertise from across the country’s financial oversight ecosystem.
The Financial Stability Committee, chaired by the Governor of Bank Al-Maghrib, brings together top officials responsible for macroprudential supervision, monetary and exchange rate policy, economic research, banking regulation, payment systems, and financial inclusion. The central bank’s Director General also plays a central role, and additional specialists are brought in when needed. This committee’s core task is to identify vulnerabilities that could undermine the financial system. It meets twice a year to track macroeconomic indicators, update its risk map, assess the impact of national policy decisions, and propose preventive measures. It also reviews the annual report on financial stability before it’s passed up to the highest coordination body for approval.
Working in close coordination with this group is the Committee for Coordination and Oversight of Systemic Risks, also led by the Governor of Bank Al-Maghrib. This broader committee includes representatives from the central bank, the Insurance and Social Welfare Supervisory Authority, the Moroccan Capital Markets Authority, and the Ministry of Economy and Finance, depending on the issues at hand. Its mission is to align regulatory strategies, monitor financial conglomerates, identify systemically important institutions, and anticipate systemic threats. It also ensures follow-through on corrective measures and crisis response protocols affecting critical institutions. This committee meets every six months and issues a statement after each session. It is also responsible for formally approving the annual financial stability report drafted by the regulators.
Decisions within this committee are made by majority vote, with the chair having the deciding vote in case of a tie. Importantly, each regulatory body remains responsible for implementing any agreed measures within its own jurisdiction.
In the event of a major financial crisis, a third body can be activated: the Crisis Committee, established through a formal agreement in 2012. This emergency group is led by the Minister of Economy and Finance and includes the Governor of Bank Al-Maghrib as well as the heads of the insurance and capital markets regulatory authorities. Its role is to coordinate state-level responses when direct government intervention is required.
Beyond its domestic structure, Morocco also actively participates in the MENA Regional Group of the Financial Stability Board, engaging with other countries in the region to assess shared risks, track reforms, and exchange expertise. Bank Al-Maghrib plays a key role in these initiatives, building partnerships with foreign counterparts to share data and monitor the overseas activities of Moroccan banking groups. The central bank is also regularly involved in global forums, where it offers its experience to other central banks navigating similar challenges.
