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The Star
21-07-2025
- Business
- The Star
Morocco's central bank explores digital currency cross-border payments
FILE PHOTO: A general view of the Central Bank of Morocco in Rabat, Morocco, February 20, 2020. REUTERS/Youssef Boudlal/File photo RABAT (Reuters) -Morocco's central bank was exploring the use of its own digital currency for peer-to-peer and cross border payments, bank governor Abdellatif Jouahri said on Monday. A central bank digital currency (CBDC) is controlled by the central bank, in contrast to cryptocurrencies that are usually decentralised. Cryptocurrencies have been banned in Morocco since 2017, but the public continues to use them underground, circumventing restrictions. The bank has been working with the IMF and the World Bank to assess the payment system impacts of its central bank digital currency (CBDC), Jouahri told a conference in Rabat. The Moroccan central bank, together with its Egyptian peer and the World Bank, was also exploring the use of the CBDC for cross-border transfers, he said. A draft law on crypto assets is currently under review by the finance ministry before entering the adoption process, Jouahri said last month. (Reporting by Ahmed Eljechtimi; Editing by Chizu Nomiyama )
Straits Times
08-05-2025
- Business
- Straits Times
Morocco to invest $760 million in disaster response stockpiling
FILE PHOTO: The High Atlas mountain range is seen from the city of Marrakech December 8, 2014. REUTERS/Youssef Boudlal/File Photo RABAT - Morocco plans to spend 7 billion dirhams ($760 million) on storage platforms across the country to stockpile necessities in immediate response to potential disasters, state media said. The stockpiles were ordered by King Mohammed VI in the wake of the devastating earthquake that hit the High Atlas Mountains in September 2023, killing more than 2,900 people and destroying homes and vital infrastructure. Morocco has faced recurrent flash floods, wildfires, cold snaps and droughts in recent years. Under the stockpiling project, Morocco will spend 2 billion dirhams on building 36 storage facilities across the country, over a total surface area of 240 hectares, while 5 billion dirhams will be spent on emergency supplies, the media said. The supplies include tents, beds, blankets, field hospitals, mobile kitchens and bakeries, water purification systems and emergency power generators, as well as equipment in response to flood, landslide and chemical threats. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
