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Moroccan banks to be probed over suspect high profitability

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The country’s parliament will also probe the state-owned pension fund manager, and hopes to deliver its findings before the end of the year

Rabat — Moroccan legislators will investigate the profitability of banks before switching focus to cement makers as the government seeks to rally companies behind its efforts to revamp the economy and spur growth.

Morocco needs “a new generation of reforms”, he said. “To give strong impetus to the structural transformation of the national economy, banks must be asked about their obligations and accomplishments.” Banks were shoved into the spotlight in October when King Mohammed VI ordered lenders in the North African country to open the credit taps for entrepreneurs and small businesses. The monarch’s address to lawmakers caused the committee to review its priorities and move banks ahead of a planned probe into cement companies, which it plans to look into over allegations of high prices and anti-competitive behavior, Bouanou said.

Lawmakers are urging firms to set aside more money for “social and solidarity” projects, and better integrate the self-employed and the informal sector into the economy to “ensure social justice and a balanced distribution of wealth,” the document showed.

 

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