Bank Al-Maghrib, Morocco’s central bank, has become member of the Bank for International Settlements (BIS), the oldest international financial institution, which helps central banks in their pursuit of monetary and financial stability through international cooperation. The decision was made lately by the BIS Board of Directors, which agreed to expand its membership by including the central banks of Morocco, Kuwait and Vietnam. Established in 1930, the BIS is owned by 60 central banks, representing countries from around the world that together account for about 95 pc of world GDP. It seeks to enhance cooperation among central banks. It also provides banking services, but only to central banks and other international organizations.

Source: The North Africa Journal January 16, 2020 12:45 UTC