Best Practices in Central Bank Organizational Culture, Learning and Structure: The Case of the Moroccan Central Bank

Bessma Momani and Samantha St. Amand

Economic Notes, 2015, vol. 44, issue 3, 449-482

Abstract: type="main" xml:lang="en">

This paper provides both theoretical and empirical evidence that maintains that a central bank's organizational structure, culture and learning system are important for achieving best governance practices in emerging market economies. It argues that a central bank's organizational structure and culture facilitate the effective implementation of governance practices that have been enacted by law or in a strategic plan, with specific reference to central bank independence, communication, transparency, professionalization, technical excellence and reputation risk management. Qualitative interviews and a review of the bank's primary documents showed that the progress made by the Bank al-Maghrib over the last two decades in establishing best governance practices in policies and legal statutes is, to a significant extent, being matched by reforms to its internal processes, but there remains room for improvement.

Date: 2015
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