2008年-世界发展银行全球_Kingdom_of_Morocco___Financial_Sector_Assessment_Update_15页_1mb

Financial Sector Assessment Update: Kingdom of Morocco (September 2008)

I. Core Content and Overview

This document provides an updated assessment of the financial sector in Morocco, focusing on progress made since the 2002 Financial Sector Assessment Program (FSAP) and outlining key challenges and opportunities. The assessment was conducted by a joint World Bank and IMF team in November 2007, in response to Morocco's strategy to modernize financial intermediation.

Key Themes

• Financial Openness: Morocco has pursued significant economic and financial sector openness, which has brought both opportunities and risks.
• Stability and Resilience: The financial system is stable, profitable, and adequately capitalized, with improvements in risk management and regulatory compliance.
• Structural Reforms: Major reforms have been implemented in the legal and regulatory framework, including the introduction of the new banking law and Basel II standards.
• Market Development: There is room for further development in the capital markets and insurance sector, particularly in terms of penetration and diversification.

II. Main Topics Covered

A. Implementation of 2002 FSAP Recommendations

• The financial system is better prepared for macroeconomic and competitive changes.
• The adoption of more liberal macroeconomic policies, opening up public banks to private participation, and modernization of payment systems have improved the sector.
• The Moroccan authorities have implemented new laws and regulations, including anti-money laundering (AML) and anti-terrorist finance laws.

B. Financial System Stability and Risk Management

• The banking sector is stable, profitable, and resilient to shocks.
• Nonperforming loans (NPLs) have decreased significantly, from 19% in 2004 to 7.9% in 2007.
• The two former specialized public banks have completed restructuring and now meet prudential standards.
• The banking system is well hedged against interest rate and exchange rate risks.

C. Capital Market Development

• Capital markets are growing, with stock market capitalization reaching over 100% of GDP in 2007.
• However, the market remains concentrated, with only a few stocks accounting for a large share of trading.
• The Casablanca stock exchange has deepened, but corporate financing from capital markets is still limited.
• The Conseil Déontologique des Valeurs Mobilières (CDVM) has been strengthened, though challenges remain in balancing independence and accountability.

D. Insurance Sector

• The insurance sector is stable and concentrated, with the top three companies accounting for 53% of the market.
• Insurance penetration is low (3% of GDP), indicating significant potential for growth.
• The Central Reinsurance Company (SCR) is the only reinsurer in the country and is gradually being phased out of government funding.
• The Insurance and Social Welfare Directorate (DAPS) has improved its regulatory framework, though it lacks full independence.

E. Nonbank Financial Institutions

• The Caisse de Dépôt et de Gestion (CDG) holds a large share of financial system assets and is a key government instrument.
• Efforts are underway to increase CDG's transparency and market orientation.
• The Poste du Maroc, a major provider of retail financial services, is being integrated into the banking system and is subject to BAM supervision.
• The microcredit sector has expanded significantly, reaching 1.1 million creditors by 2006.

III. Key Findings and Recommendations

A. Banking Sector

• Structure: The banking sector consists of 16 banks (11 private, 5 public), with the top seven banks holding 85% of assets.
• Performance: Banks are highly profitable, with ROE reaching 21% in 2007. However, they face challenges in managing rising costs of funds and potential stock market corrections.
• Risk Management: Stress tests indicate that the sector is resilient to credit and liquidity shocks, but vulnerabilities exist in concentration risk and real estate exposure.
• Supervision: BAM has improved its supervisory tools and is moving towards higher capital adequacy requirements (10% in 2008, 12% in 2009).
• Deposit Guarantee: A deposit insurance fund exists, offering up to DH 80,000 per customer, though awareness among the public is limited.

B. Capital Markets

• Growth: Capital markets have grown in size, but their role in financing the private sector remains limited.
• Regulation: CDVM has enhanced its oversight powers, but further development is needed in corporate governance, market depth, and liquidity.
• Investor Participation: Institutional investors are crucial for market development, and their participation should be encouraged.

C. Insurance Sector

• Concentration: The sector is highly concentrated, with three major companies dominating.
• Growth Potential: Insurance penetration is low, indicating room for expansion.
• Regulatory Framework: DAPS has improved its supervisory standards, but lacks full independence and requires further reforms.

D. Nonbank Financial Institutions

• CDG: The CDG is a central player in the financial system and must maintain transparency and market orientation.
• Poste du Maroc: This institution is undergoing transformation to become a more commercial entity and is now under BAM supervision.
• Microfinance: The microcredit sector has grown rapidly, providing services to 3.7% of the population.

IV. Conclusion

Morocco has made substantial progress in financial sector development, particularly in banking and regulatory frameworks. However, challenges remain in capital market development, insurance penetration, and the need for continued supervision and reform. The authorities are moving towards greater financial openness and modernization, which will require ongoing efforts to ensure stability, transparency, and resilience.