Morocco discusses adoption of e-dirham with IMF, World Bank
Date
6/26/2024 6:06:11 AM
(MENAFN) On Tuesday, Abdellatif Jouahri, the Governor of the Central bank of Morocco, announced that the country is in discussions with the International Monetary Fund (IMF) and the World Bank regarding the adoption of an "electronic dirham" for transactions. Moroccan experts suggest that the global growth of electronic currencies has spurred the Moroccan Bank to explore this avenue, aiming for faster and less costly financial transactions compared to traditional paper currencies.
In a press conference held in Rabat, Jouahri stated, "We are cooperating with the Fund and the World Bank to discuss ways to approve the e-Dirham project. We have a committee that has been working on the issue for more than a year," as reported by Anadolu Agency. He explained that the initial focus was on understanding the purpose of adopting an electronic currency by examining international experiences. The bank also conducted an internal experiment to test the use of the electronic dirham on a World Bank platform in Washington, evaluating various methods of performing electronic currency transactions and assessing the operational framework of its trading system.
Jouahri highlighted that the most challenging aspects are yet to come, particularly addressing the legal and regulatory issues and their implications for the Central Bank's core functions and monetary policy. He emphasized that while the project cannot be implemented immediately, it is planned for the medium to long term, and thorough preparation is necessary to ensure readiness.
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