A symposium on the reform of financial markets : 30/09/2009

A symposium on the reform of financial markets

Mister Salah-Eddine Mezouar, Minister of Economy and Finance, participated in September 30th, 2009 at Skhirat at the opening ceremony of a symposium on "Financial markets: building together tomorrow`s economy", organized by Casablanca Stock Exchange in partnership with the professional brokers? association (APSB).  

According to Mister Mezouar, the choice of the theme of this symposium is acute with regard first to the role of financial sector development and the modernization of our economy and second to the need to continue the process of the development of this sector so as to go on playing its role as a vector of growth and modernity.

On this occasion, the Minister has outlined the financial sector reform, which aims to register this project in a "sustainable logic of progress and modernization? and enable it to play its role as a vector of growth and modernity.

This reform focuses on four major areas:

  • Improving access to financial services through the modernization and professionalization of the post office financial services. The latter aims to profit from the density of this institution network to enable access to basic financial services for a wide population and contribute to enhancing the rate of banking services. It is to further consolidation of the microcredit sector and to reflect on the possibilities for institutional transformation of microcredit associations.

  • Improving access to finance for companies including small and medium enterprises thanks to the completion of the reform of the national security system and the adoption of a development plan for the Central Guarantee Fund for the period 2009-2012. This plan includes the setting up of a new range of products available contingent on the needs and lifecycle of the company.

  • Strengthening the supervision of the financial sector through the reform of the legal and regulatory frame supervising authorities responsible for capital market and insurance sector so as to implement independent regulatory institutions.

  • And strengthening the development of the capital market, particularly the project dealing with futures market and which the legislation governing it was passed by the Government Council in July 2009. This text, which will enable operators to offer new hedging instruments, projects three major categories of products (the futures contracts, the options contracts and the exchange contracts), two market institutions (the company manager and the clearing house) and a double control of the market and operators applied by the CDVM and Bank Al-Maghrib.

Held under the High Patronage of His Majesty the King Mohammed VI, the symposium was an opportunity for the institutional players and professionals of Moroccan financial sector to share insights and generate recommendations to revitalize the market dynamics and accompany the economic ambitions of the Kingdom.