By Loubna Flah
By Loubna Flah
Morocco World News
Casablanca, June 15, 2012
The major Moroccan banks warned against the alarming lack of liquidity subsequent to a massive funds withdrawal by Moroccan businessmen. These withdrawals came as a reaction to the large scale seizure operations undertaken by the General Directorate for Taxes on their bank accounts. According to the Moroccan daily Al Massae, most of these businessmen owe colossal sums of money to the state treasury.
The repercussions of these withdrawals were soon noticed in the national banking sector. The banks started to face a difficulty in conduction their usual banking operations such as granting loans and funding investment projects. The bankers remain perplex and predict a financial crisis if the withdrawals continue. In fact, the financing of investment funds has decreased with a rate of 0, 7% while the liquidity deficit has risen with an average of 49 Milliard Dirhams.
Bank Al Maghreb, the Moroccan central bank has repeatedly intervened to reduce the impact of the deficit through the injection of liquidity in the financial market. Indeed, Bank al Maghreb injected 42,5 billion Dirhams last Wednesday.
On the other hand, the General Directorate for Taxes (GDM) has issued a number of measures to recover the taxes from companies especially in the private sector. The GDM requires the debtor companies to provide a detailed report justifying their negative performance. This strategy is liable to expose the companies that submitted faulty reports and to provide more support to the companies that fell short from achieving profitability. The General Directorate for Taxes needs to recruit 1500 controller to raise its scrutiny operations to 8000 operation annually.