A comparator of bank rates soon in Morocco

The Central Bank of Morocco (Bank Al-Maghrib) has just announced that it is working on a project to compare bank tariffs and value dates. A technical service provider who will provide the platform has already been selected. For the monetary authorities, this tool will serve to introduce more transparency between the customer and his bank. Bank Al-Maghrib’s initiative will shake up a certain immobility that Moroccan banks maintain on value dates despite modern technological means that no longer justify the status quo. Two institutions, CIH Bank and CFG Bank, had broken a sort of tacit understanding of the industry on value dates by establishing the instantaneous clearing (D-day) of transfers between them.