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Morocco urges Arab banks to unite against global economic challenges
Morocco has called for greater cooperation among Arab central banks to confront shared economic challenges. Speaking at the 49th meeting of Arab central bank governors in Tunisia, Bank Al-Maghrib Governor Abdellatif Jouahri emphasized that collaboration is essential to address global shocks affecting political, economic, and trade sectors.
In a statement to Morocco’s news agency (MAP), Jouahri highlighted the importance of joint efforts in tackling these crises. “Instead of each country working alone to solve these problems, working together is better,” he said, stressing that solidarity among Arab nations can cushion the impacts of worldwide disruptions.
Morocco leads by example
Jouahri pointed to Morocco's achievements as a model for other Arab countries. In 2023, Morocco was removed from the Financial Action Task Force’s (FATF) gray list for money laundering and terrorism financing, a significant milestone that showcased the country's sound monetary policies and regulatory reforms.
“Countries on the gray list can learn from Morocco’s experience,” Jouahri stated, describing how the country’s reforms inspired confidence both regionally and internationally.
His Majesty King Mohammed VI’s vision of fostering stronger regional ties has been reflected in Morocco’s partnerships with several Arab financial institutions, further solidifying its leadership role in the Arab world.
A new approach to cooperation
Jouahri proposed a shift in how Arab central banks collaborate. Rather than focusing solely on financial deposits, he advocated for “technical cooperation” to address modern challenges such as digital banking, climate change, and global economic instability.
“We need to share experiences in monetary policy during these uncertain times,” he urged, emphasizing that knowledge-sharing and coordinated strategies will benefit all Arab central banks.
Bridging economic divides
Jouahri also addressed the economic disparities among Arab countries, where oil-producing nations often dominate, leaving non-oil economies at a disadvantage. He argued that knowledge-sharing and unified monetary policies could help bridge these gaps, fostering a more balanced regional economy.
The meeting, chaired by Sudan, was organized by the Arab Monetary Fund and Tunisia’s Central Bank. It brought together central bank leaders from across the Arab world for two days of discussions on enhancing financial cooperation and tackling shared economic challenges.