Publication of the Annual Financial Stability Report for 2019

The Annual Financial Stability Report for 2019 is published by Bank Al-Maghrib, the Moroccan Capital Market Authority, and the Supervisory Authority of Insurance and Social Welfare.

This report is structured around four chapters, each of which describes respectively :

1. Key international and domestic macroeconomic developments, associated risks and their implications on the financial system;
2. The financial situation of non-financial agents and their ability to meet their obligations to the financial system;
3. Assessment of the strength and resilience of financial institutions, through analysis of the main risks related to the banking, insurance and pension sectors, with a focus on emerging risks related to technological innovation and climate;
4. Developments in capital markets and market infrastructures, with an emphasis on assessing the major risks to the stability of markets and systemically important infrastructures.

A general summary precedes these developments and provides an overview of the main economic and financial trends observed in relation to financial stability.

This seventh edition of the Financial Stability Report differs from the other editions by the incorporation of a specific supplement devoted, in particular, to a preliminary analysis of the risks generated by the Covid-19 crisis on the national financial sector. It also includes the main measures undertaken so far in a concerted manner by the financial authorities to contain the effects of the health crisis on financial stability.