The cooperation agreement between the two institutions covers all their respective areas of responsibility, with a particular focus on aspects related to central bank digitization and innovation in financial services, especially banking, a joint statement from the two institutions said.

The agreement also addresses risk management as regards digitization, cyber-security and digital transformation, according to the same source.

On behalf of the Governors of the two institutions, Abdellatif Jouahri and György Matolcsy, the cooperation agreement was ratified by Abderrahim Bouazza, Director General of Bank Al-Maghrib and Mihály Patai, Vice-Governor of Magyar Nemzeti Bank

On this occasion, Hungary's Ambassador to Morocco, HE. Miklós Tromler, who took part in the signing ceremony, declared that "digitization has become extremely important in all segments of our daily lives." 

"I am, therefore, delighted and proud that two of our countries' high level authorities, our Central Banks, have concluded an agreement in this field; thereby also proving and confirming the excellent relationship existing between Hungary and the Kingdom of Morocco," the diplomat was quoted as saying.