Abdellatif Jouahri among the best bankers in the world
In the latest list, which rates the work of the world's best bankers, Global Finance magazine awarded Abdellatif Jouahri, governor of the Al-Maghrib Bank (BAM) of Morocco, a grade of A-.
The institution has been rating the central bank governors of more than 100 countries in Europe, Africa and other parts of the world since 1994. The rating of the bankers ranges from A+ to F. The entity considers the degree of performance of the governors in crucial areas, such as managing interest rates, achieving economic growth objectives and containing inflation. Since then, the BAM is the only Arab bank that has entered the list of the best central banks in the world.
As one of only three African central bankers in history to do so, Jouahri earned a place among the world's top 20 central bank governors in the ranking for 2023. Jouahri took over BAM as governor in 2003 and has since implemented a number of policies to ensure Morocco's macroeconomic stability, giving high priority to price stability and inflation control.
Its performance has been especially evident in recent years, when Morocco has weathered a series of economic storms around the world, such as the effects of the COVID-19 pandemic and the conflict between Russia and Ukraine.
In a statement to the press, the editorial director of Global Finance, Joseph Giarraputo, said that everyone was turning to their central banks for help in the fight against inflation, which has been fueled by pent-up demand and shattered supply chains. "Global Finance's annual central bankers' reports honor bank governors whose strategies outperformed those of their peers through innovation, creativity and tenacity,” he said.
Some of those mentioned in the list along with Jouahri are: Leonardo Villar from Colombia, Ida Wolden Bache from Norway, Lesetja Kganyago from South Africa and Rhee Changyong from South Korea are among the governors who also received an A rating. The 3 best in the world according to the magazine are: Shri Shaktikanta Das from India, Thomas J. Jordan from Switzerland and Nguyen Thi Hong from Vietnam with both A+ ratings
The international context is also affecting the economy of Morocco, which, like the rest of the West, is having problems with rising energy and raw material prices as a result of the conflict in Ukraine, which followed a solid post-pandemic recovery.
Growth, which was stagnant in 2022, is expected to get good figures by the end of the year, although inflation in August rose to 8%, which put pressure on the central bank. To ensure price stability, Governor Abdellatif Jouahri raised the reference rate to 2% in September. As an additional measure, the government doubled subsidies on gas, flour and sugar to quell rising prices.
The long-term reforms initiated in the last ten years are yielding positive results: Moroccan banks are resolute in the face of the crisis and some lenders are expanding abroad, especially in West Africa. Governor Jouahri has a vision of the future regarding financial technology and among his main objectives is to present a regulatory bill for the use of bitcoin and other cryptocurrencies, which are expected to increase both investment and the flow of capital inside and outside the country.
