Rabat – International financial affairs magazine The Banker has named the Governor of Morocco’s Bank Al-Maghrib (BAM) Abdellatif Jouahri Africa’s Central Bank of the Year 2024.
Earning the top spot for Africa in the Financial Times-owned outlet’s ranking highlighted Jouahri’s leadership in the African banking sector, as well as his contributions during a period of remarkable growth and resilience.
Jouahri’s tenure spans two decades, marked by his adept steering of Morocco’s banking sector and the broader economy.
The Banker acknowledged Jouahri’s role in the relief efforts following the devastating Al Haouz earthquake that hit central Morocco in September of 2023.
The magazine noted that Bank Al-Maghrib, Morocco’s central bank, donated MAD 1 billion to the country’s relief fund for the earthquake, and “was quick to offer support for sectors of the economy most impacted by the tragedy.”
In addition, the Banker lauded Jouahri’s decisions, including BAM’s “relative success” in tackling inflation. The Moroccan central bank was one of the first African central banks to hold interest rates in 2023, after lifting them to 3% in March, allowing the economy to absorb the impact of rate rises.
“After a slight uptick in August, the bank continued to hold its nerve, a move that was vindicated by inflation falling back down to 4.3% in October from a high of 10.1% in February,” the magazine explained.
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The Banker also highlighted the launch of Morocco’s instant payment system (IPS) in June, which aimed to advance the country’s financial infrastructure.
Commenting on the recognition, Jouahri expressed “considerable satisfaction” for receiving the top spot in the ranking, emphasizing the key role of central banks in overcoming global challenges.
“I am convinced of central banks’ pivotal role in overcoming the major challenges that beset the world. Foremost among these is climate change: the consequences of which are steadily worsening,” he said.
In light of escalating political tensions and the prolonged inflationary trends, Jouahri underlined the heightened challenges that central banks face.
He called on these financial institutions to “optimise their monetary policy decisions to safeguard the purchasing power of citizens, especially the most underprivileged among them, and improve investor confidence in the future of their companies.”
