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FinancialNews
23-02-23
Moody’s improves Morocco’s banking industry forecast to stable
(MENAFN) After a hard economic ecosystem, international credit ratings agency Moody’s has improved its forecast for banks in Morocco from negative to stable.
The assessment shows ongoing attempts of the Moroccan administration to back the banking industry.
“Islamic banking has made relatively little headway in Morocco so far, despite the country’s large Muslim population,” Moody’s indicated in its report.
Even though Muslims make up more than 90 percent of the nation’s overall population, the Islamic banking industry accounted for only 1.4 percent of the total banking assets by the closing of 2021.
Nonetheless, “Moroccan banks’ capital will remain stable but modest compared with their emerging market and African peers,” in line with the report.
The agency sustained a steady forecast in the banking industries of Nigeria, Egypt, Kenya, as well as the West African Economic and Monetary Union. South Africa’s banking forecast was also improved from negative.
MENAFN23022023000045014228ID1105624823
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