Morocco’s Economy to Grow 3.6% in 2018- Central Bank

Morocco’s economy is expected to post a growth rate of 3.6% in 2018, the Central Bank said, revising upwards estimates of 3.2% in the appropriation bill.

This growth is due to a rebound in agricultural added value by 5.7% as the country expects a good crop year with cereal production projected to stand at 98.2 million quintals.

The bank, which maintained its key interest rate stable at 2.25%, said inflation will reach 2.4% in 2018 and 1.4% in 2019.

In the labor market, the Moroccan economy created 116,000 jobs between the first quarter of 2017 and same period in 2018.

Speaking to journalists, governor of the central bank, Abdellatif Jouahri said Morocco’s transition to a flexible exchange system for the dirham is taking place in good conditions, adding that it is too early to speak of the next phase.

Under dirham float plan, the bank widened the fluctuation band for the dirham by 2.5% in a peg weighing 60% to the euro and 40% to the dollar.

The decision was recommended by the IMF in order to strengthen Morocco’s finances, boost exports and attract more FDIs.

The governor said Morocco’s foreign exchange reserves, which would reach 255.4 billion dirhams at-end 2018, cover 5 months and 25 days of imports.

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