(MENAFN - Morocco World News) Rabat – The House of Representatives has approved a draft bill for Morocco's central bank that will increase the autonomy and authority of the financial institution.
The House reached a conclusion on the Bank Al Maghrib (BAM) bill Tuesday, July 3, in a plenary session. Broadening the scope of the bank in response to the institutional reform laid out in the 2011 Constitution, the bill aims to establish BAM as an independent entity and elevate legislation to international standards.
Currently, the bank's primary responsibilities encompass currency issuance, policy implementation, money market surveillance, and exchange reserve management. Realization of the approved bill additionally enables BAM to facilitate price stability and execute government-designed guidelines for the foreign exchange rate.
Designed to empower BAM in inclusive risk prevention, the legislation determines the latitude of power available to the bank in relation to the exchange rate. Additionally, the proposal seeks to promote good governance.
The draft bill includes 44 amendments that will affect 26 of the 80 original articles in the current legislation. Of the House, 136 deputies approved the bill while one rejected it and 18 abstained.