Measuring the evolution of Bank AL Maghreb's legal independence according to Jâcome's index 2001

Abstract

This article proposes to assess the degree of independence of Bank Al Maghrib (BAM), according to the index developed by Jacôme (2001). The interest of this exercise emanates from an important observation: rare studies have evaluated the degree of independence of BAM after the entry into force of the statutes of 2006 (law 70-05) and the Moroccan central bank has changed. A second time its statutes in 2019 (law 40-17). To assess the degree of jury independence of BAM, we will use the index developed by Jàcome (2001). This index is based on 10 variables, key to the independence of central banks, and the weight of each variable depends on its importance for the autonomy of central banks and the conduct of monetary policies. The results obtained show that the degree of independence of BAM has increased considerably with the statutes of 2006 (law 76-03) and that the statutes of 2019 have consolidated this important degree of independence by deepening it further. However, the results obtained remain to be qualified and completed by evaluating the de facto independence of BAM, because the interest of jury independence depends on its translation into the facts which itself depends on several factors in particular the degree of respect for the law in a society