Abdellatif Jouahri Recognized as Best Central Banker in Africa

Wednesday 03 January 2024 - 08:06

Abdellatif Jouahri, the Governor of Bank Al-Maghrib, has been honored as the "Best Central Banker in Africa for 2024" by "The Banker," a London-based financial and international affairs magazine affiliated with "The Financial Times" group.

The prestigious "The Banker's Central Banker of the Year" awards acknowledge central bank governors for their exceptional contributions to stimulating growth and stabilizing their economies.

The magazine's press release announcing the results highlighted Jouahri's commendable 20-year tenure as the Governor of Bank Al-Maghrib, during which he played a significant role in steering the country's banking sector and economy through a remarkable period of growth.

Jouahri is recognized for the award in acknowledgment of Bank Al-Maghrib's notable efforts in providing relief after the devastating earthquake that struck Morocco in September and its success in combating inflation.

Bank Al-Maghrib demonstrated resilience by becoming one of the first major African central banks to maintain its rates in 2023, raising its benchmark interest rate to 3% in March. This decision allowed the impact of rate hikes to take effect in the economy. Despite a slight increase in August, BAM continued to maintain its composure, justified by the decline in inflation to 4.3% in October, following a peak of 10.1% in February, according to the same source.

"I am deeply gratified to receive this award from such a prestigious international publication as The Banker," expressed Mr. Jouahri in the press release. He emphasized the crucial role of central banks in addressing global challenges, including climate change, and acknowledged the escalating political tensions and worldwide inflationary trends that central banks must navigate.

Reflecting on the aftermath of the September earthquake, BAM donated 1 billion dirhams to the country's main relief fund for the resettlement of earthquake victims. The bank also promptly extended support to the sectors of the economy most affected by the tragedy, as highlighted by "The Banker."

Additionally, Bank Al-Maghrib established toll-free helplines to facilitate money transfers and remittances, strengthening relief and recovery efforts. The launch of instant interbank transfers in June, in collaboration with the Groupement pour un Système Interbancaire Marocain de Télécompensation (GSIMT), was another notable highlight of the year, as concluded by the magazine.