It is expected that Abdel-Latif Al-Gawahari, governor of the Bank of Morocco, will meet with Moroccan bank presidents to discuss the issue of the dearth of liquidity in automatic windows.
During a press conference held yesterday, Tuesday, in Rabat following the third quarterly meeting of Bank of Morocco, al-Jawahari said that this meeting with bank presidents will be held next November to examine and discuss this issue so that this problem does not recur in the future.
According to the figures revealed by the governor of the Bank of Morocco, the Moroccans during this period withdrew close to six billion automatic windows in one day, a number that had never been recorded before in Morocco.
He linked this rise to an exceptional period as the salaries of employees and retirees have been paid as of the 16th of last year. He added that a number of banks decided at that time to serve their clients only and not to accept the operations of the clients of other banks.
According to the Central Bank, banks were providing liquidity in their windows to the extent guaranteed by the insurance contract for such funds; however, “the key is to know where the flaw is and how to avoid it in the future”.
This unprecedented crisis in liquidity had made a number of Moroccans face a difficult situation, as many of them did not find the financial liquidity to move to spend the Eid Al-Ishtir with their families or to buy only one person.