Governor Abdellatif Jouahri of Bank Al-Maghrib, Morocco's central bank, said on 2 February 2024 that the institution has a long-term target of raising its holdings of green, social, and sustainable bonds to 10% of its foreign exchange reserves, up from a current allocation of approximately 7%. He was speaking in Rabat at a conference on the macroeconomic effects of climate change, jointly organised by Bank Al-Maghrib and Spain's Banco de España.
CURRENT ALLOCATION
Morocco's central bank already holds approximately 7% of its foreign exchange reserves in green, social, or sustainability-labelled bonds.
CLIMATE-RISK GUIDELINES
At the same conference, Jouahri said central banks would have to consider the impact of climate change in carrying out their missions, and that Bank Al-Maghrib was developing guidelines to help banks collect climate-risk data from major borrowers and assess the green share of their portfolios.
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