Morocco’s Central bank expects fewer wheat yield in 2019

Due to insufficient rainfall, Morocco’s cereals yield would stand at 60 million quintals, less than the average 80 million quintals, central bank governor Abdellati Jouahri said.

Last year, Morocco had a good cereals output of 103 million quintals following abundant rainfall, which reduced the country’s wheat import bill.

Rainfall was 15.1% less compared to last year, explained Abdellatif Jouahri at a press conference following the Bank’s board meeting.

In this respect, the Central Bank expects Morocco’s economic growth to slow to 2.7% in 2019 after an 3.1%.

Inflation stood at 1.9% in 2018 and is estimated to decrease to 0.6% in 2019, he said.

He also said that the treasury would issue two international bonds in 2019 and 2020 each worth 11 billion dirhams.

The Bank kept since March 2016 its key interest rate stable at 2.25 %.

On the liberalization of the dirham, Jouahri lauded the success of the first phase adding that the next phase would be launched as soon as financial and economic conditions are met.