Governor of Morocco’s Central Bank since 2003, Abdellatif Jouahri is one of the most influential figures in African finance. A former Minister of Finance, he has overseen Morocco’s major economic reforms and navigated several global crises. At 86 years old, his career commands respect across international financial circles. A profile of a man who has left a lasting mark on Morocco’s monetary policy.
Former Minister of Finance from 1981 to 1986, Abdellatif Jouahri is one of the leading figures in Moroccan finance. Governor of Bank Al-Maghrib since 2003, he is among Africa’s most experienced central bankers. Under his leadership, the central bank has strengthened its independence and modernized the regulation of Morocco’s banking sector. He has also overseen the gradual reform of the dirham’s exchange rate regime. With more than 60 years of public service, he has helped enhance Morocco’s financial credibility on the international stage.
“Regarding public finances, fiscal consolidation efforts continued, with the budget deficit declining to 3.9% of Gross Domestic Product (GDP), supported by strong tax revenue performance and substantial income generated through an innovative financing mechanism. On the external accounts front, the current account deficit remained limited at 1.2% of GDP, mainly due to the continued strong performance of the automotive industry, robust exports of phosphate and its derivatives, and lower energy import costs. This was further supported by foreign currency inflows and remittances from Moroccans living abroad. Overall, the official foreign exchange reserves of Bank Al-Maghrib strengthened to exceed 375 billion dirhams, equivalent to approximately five and a half months of imports.”
Abdellatif Jouahri, Governor of Bank Al-Maghrib – Morocco
At 86 years old, Abdellatif Jouahri embodies continuity and stability in Morocco’s monetary policy. His tenure has been particularly marked by his management of major global economic disruptions. From the 2008 financial crisis to the COVID-19 pandemic, and through the global inflation surge of 2022–2024, Jouahri implemented numerous measures to preserve price stability and support the economy. In 2024, inflation in Morocco fell back to 0.9%, after reaching 6.6% in 2022, highlighting the effectiveness carried out by the central bank.
“The crises have had significant consequences for public finances because fiscal room for maneuver became more limited. Central banks were confronted with major challenges, particularly following the war in Ukraine and the resulting pressures on agricultural products. In Morocco, as an emerging economy, we focused on addressing these supply-side shocks. The government implemented measures aimed at mitigating their impact, while, on the monetary policy side, we experienced inflation peaks in 2022 and 2023. Gradually, however, the situation improved and inflation came under control. Now, in 2025, we expect inflation to be around 1%, and likely about 1.6% in 2026.”
Abdellatif Jouahri, Governor of Bank Al-Maghrib – Morocco
Today, Bank Al-Maghrib maintains its key policy rate at 2.25% following two consecutive rate cuts in 2025 aimed at supporting the economic recovery. In its latest report, the institution noted that Morocco’s economy grew by 3.8% in 2024, while non-agricultural activities expanded by 4.8%. The country’s foreign exchange reserves now stand at nearly US 47 billion, a level that reinforces the resilience of the national economy against external shocks.
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Abdellatif Jouahri
Governor of Bank Al-Maghrib
Morocco
“Your Majesty, Your Majesty’s devoted servant, the Governor of Bank Al-Maghrib, has the honor of appearing before Your Majesty to submit the Central Bank’s report for the year 2024. Despite an international environment marked by a high level of uncertainty and successive years of drought, the national economy succeeded in achieving a notable improvement during 2024. Economic growth reached 3.8% overall and 4.8% in the non-agricultural sectors. At the same time, inflation declined sharply, averaging 0.9%.”
A respected figure in international financial circles, Abdellatif Jouahri has been recognized on several occasions as one of the world’s top central bank governors. After nearly a quarter of a century at the helm of Bank Al-Maghrib, his record is widely associated with Morocco’s monetary stability, achieved amid a regional and global environment marked by uncertainty.
