Foreign banks operating in the country attracted 1,283 new employees during March 2020, despite the negative repercussions of the outbreak of the emerging Corona virus (Covid 19).
Total staff
The most recent data issued by the Central Bank revealed yesterday that the total number of main employees in the banking sector in national and foreign banks operating in the country collectively increased during March 2020, to 35 thousand and 838 employees, compared to 35 thousand and 637 employees at the end of February. An increase of 201 employees over a month period.
The bank’s monthly statistical bulletin data showed that the increase in employment in the banking sector was concentrated in foreign banks, whose number of employees increased at the end of last March to 7247 employees compared to 5964 employees at the end of February, an increase of 1283 employees.
Incremental factors
The banking expert, Awatef Al-Harmoodi, said that there is more than one reason behind the increase in the number of employees in foreign banks, the first of which is that the period of appointment of the employee in the bank usually takes between two and three months, so it is expected that it will be part of these jobs, the procedures started before the spread of a virus Corona took place in January 2020.
Al-Harmoodi pointed out that the spread of the virus globally, has caused penetration of many systems and agencies around the world, as well as "remote work". Therefore, banks with a shortage of sensitive jobs related to information security have initiated initiatives to bridge the shortage and hire new employees.
Al Harmoodi indicated that there is an increase in the demand for information security personnel in the banking sector.
Personal loans
In addition, the data included in the «Central» Bulletin revealed an increase in personal loans for consumer purposes from 330 billion dirhams at the end of December 2019 to 333 billion and 407 million dirhams at the end of the first quarter of 2020, an increase of three billion and 407 million dirhams.
Loans directed to the agricultural sector also recorded an increase to one billion and 542 million dirhams at the end of March 2020, compared to one billion and 52 million dirhams at the end of December 2020, an increase of 490 million dirhams.
Trade and real estate
Bank financing for the commercial sector also increased during the first quarter to 155 billion and 703 million dirhams, compared to 152 billion and 656 million dirhams at the end of December 2019, an increase of three billion and 47 million dirhams, and a growth of 2%.
Real estate and construction finance increased to 319.8 billion dirhams at the end of March 2020, compared to 311.1 billion dirhams at the end of December 2019, a quarterly increase of 8.7 billion dirhams over a three-month period.
Al-Markazi increases its balance of bullion
Central Bank data showed that the bank continued to increase its balance of gold bars as a safe asset, to register at the end of last March five billion and 951 million dirhams, up from five billion and 615 million dirhams at the end of February, with a monthly increase of 336 million dirhams.
The total employees of the banking sector are 35,838 employees.