Rabat – Morocco’s central bank, Bank Al-Maghrib (BAM), launched an official Financial Capability Barometer (FCB) in Morocco. The barometer is set to track the financial performance and behavior of Moroccan citizens on finance-related decisions.
Measuring financial capability is an important part of a country’s financial education policy. FCB provides a benchmark for policymakers to formulate tailor-made national strategies based on the specific needs of the population.
BAM Governor Abdellatif Jouahri announced launching the FCB on Thursday during a ceremony celebrating the 10th anniversary of the Global Money Week, an annual youth-centered financial awareness campaign, held this year in Rabat.
The event aims to promote youth financial literacy and equip the next generation with the necessary skill set and knowledge to make informed and effective financial decisions in the future.
Morocco’s central bank launched the FCB with the technical support of the Alliance for Financial Inclusion (AFI), a policy advisory, and the Organization for Economic Cooperation and Development (OECD), according to local media reports.
Speaking during the event, Jouahri explained that the FCB tool would be available in the first half of 2023, adding that the tool would provide valuable insight that could close the gap in financial knowledge.
Noting the critical importance of financial education at an early age, Jouahri said that it is a “lever” for customer protection and financial inclusion, and would consolidate the “resilience and financial well-being of citizens.”
Over the past decade, Morocco has made significant strides in promoting financial education. In 2013, the country created the Moroccan Foundation for Financial Education (FMEF), an institution dedicated to coordinating efforts between other state institutions and promoting quality financial education.
Since Morocco first joined the Global Money Week in 2012, two million children and young people in Morocco have benefited from financial education, either through face-to-face or remote education. More than 85% of beneficiaries are schoolchildren, Jouahri said during the event.
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