Late payments: Reduction in penalty rates
The scale of fines applicable to invoices paid late has changed. It has been reduced from 3% to 2.75% following the cut in Bank Al Maghrib’s (BAM) key interest rate, decided by its Board of Directors on June 25 with an effective date of June 27. The change involves not only a reduction in the amount of the current fine, but also the determination of the terms and conditions for applying the new scale.
