Casablanca – Morocco’s central bank, Bank Al-Maghrib, is intensifying efforts to address the growing issue of cash circulation in the country. With cash transactions reaching a record high of 403.2 billion dirhams by April, the central bank has unveiled a strategic plan to tackle this challenge. During a recent discussion session at the “GITEX Africa” exhibition in Marrakech, Bank Al-Maghrib outlined its vision for reducing cash transactions and promoting digital payment methods.

During the session, experts highlighted the challenges associated with the increased cash circulation. They emphasized the need for a shift towards digital payment solutions to ensure the stability of the financial sector and mitigate economic risks.

The General Manager of Bank Al-Maghrib emphasized the importance of transitioning to digital payment methods. He noted that while cash remains popular among Moroccans due to its flexibility and perceived advantages, digital payments offer greater convenience, transparency, and security.

In response to the challenges posed by rising cash circulation, Bank Al-Maghrib is advocating for digital transformation and exploring alternative currencies. Economists underscored the efficiency of cryptocurrencies in facilitating electronic transactions and reducing reliance on traditional money. However, they cautioned against the volatility of cryptocurrencies, which can pose financial risks to users.

Bank Al-Maghrib’s strategic initiatives aim to modernize the financial system, mitigate the risks of high cash circulation, and promote financial inclusion through digital payment methods and alternative currencies.