While North Africa is not normally known for acuteness in financial management, lately Morocco’s banks have been earning competitive ratings, as well as partnerships with some of the world’s most powerful financial institutions. With low inflation, booming real estate and tourism, and its first-ever budget surplus, the strengthening economy is improving the national outlook as the financial sector now looks hungrily to Africa and Europe. The opening of the Moroccan economy and increased international investment in the country cannot proceed without the support of sound financial institutions. With globalization increasing financial risks in emerging markets and record-high prices for oil and foodstuffs fueling social unrest, the financial sector has its work cut out for it. But is the banking sector up for the challenge? In 1983, Morocco began liberalizing its banking practices, with support from the International Monetary Fund (IMF). Since then, reforms have focused on increasing openness to foreign
