Rabat – Bank Al-Maghrib (BAM), Morocco’s central bank, and the Office des Changes (OE), the country’s foreign trade watchdog, signed a partnership agreement on Monday in Rabat. The agreement aims to establish a formal framework for the exchange of data and know-how in areas of common interest.
Through the partnership, OE and BAM pledged to enhance their cooperation through joint initiatives aiming to improve data quality and build capacity in the fields of statistics and data management, according to a joint statement.
To ensure the full implementation of the agreement, the two institutions agreed to form a joint committee that would monitor progress made under the agreement on an annual basis.
The partnership “reflects the common will of Bank Al-Maghrib and l’Office des Changes to promote their cooperation relations as regards experience sharing, best practices exchange, and data reliability,” the statement explains.
The OE and BAM’s information exchange agreement is not isolated. In recent months, Morocco’s central bank has signed a number of data exchange protocols and agreements with other state partners to enhance the efficiency of public services.
Morocco’s central bank signed an information exchange protocol with the country’s public prosecutor’s office on March 31 in Rabat.
Earlier this year. BAM and Morocco’s public prosecution signed a similar cooperation agreement aiming to boost the country’s capacity to fight against financial crimes.
The protocol establishes a secure channel for sharing data between the two institutions as well as paving the way for the creation of a national forum on money laundering and deterring the financing of terrorism.
Read Also: BAM: Morocco’s Consumer Loans Increased by 5.3% in 2021
