Moroccan Minister of Economy & Finance Ms. Nadia Fettah Alaoui, Chair of the African Caucus (formed of African finance ministers & central bank governors) has urged the World Bank and the International Monetary Fund to rethink the current global financial architecture to address the development funding needs of African countries. The Moroccan minister made the […]
Finance
Morocco’s 2022 growth forecast drops to 1.7%- government
Morocco’s economic outlook has worsened due to drought and external shocks, notably imported inflation, with growth prospects seen at between 1.5% and 1.7%, head of the Moroccan government Aziz Akhannouch said. The government had based its 2022 budget on a growth forecast of 3.2% and expected its budget deficit at 6.1%. Akhannouch said that high […]
New consecration for the Attijariwafa bank group in New York
Attijariwafa bank won the award of “Best bank in Morocco for the year 2022” during the “World Best Banks Awards” trophy ceremony organized by the prestigious American magazine Global Finance. The new distinction confirms the position of Attijariwafa bank as national leader in its field of activity. This award, the 9th won by the Moroccan […]
Morocco: World Bank anticipates growth of 1.1% in 2022 & 4.3% in 2023
Moroccan economic growth is expected to reach 1.1 pc this year before rebounding to 3.4 pc in 2023, says the World Bank in its latest updated forecast. The WB says growth in Morocco is projected to slow to 1.1% in 2022 as agricultural output declines by 17.3% due to the drought. The economy is projected […]
NOC transfers $8bn to GNU administration
Libya’s National Oil Corporation has transferred $8 billion to the count of the Finance Ministry of the Government of National Unity (GNU) of Prime Minister Abdul Hamid Dbeibeh who has refused to give up power despite his removal by the country’s parliament. The funds, into two installments, have been sent to the Central Bank of […]
Morocco’s electricity utility kept bills stable despite surge in energy cost
Morocco’s electricity utility ONEE said it expects the cost of buying energy to more than double to 47.7 billion dirhams this year, from 22 billion dirhams last year, because of a surge in prices of fuel and coal in the international market. Speaking to MPs, head of ONEE said that this surge was not reflected […]
Morocco’s subsidies spending spikes to $1 bln so far this year
Morocco’s spending on cooking gas, sugar and flour subsidies hit 10 billion dirhams ($1 bln) so far this year, compared with 3.8 billion dirhams the same period last year, official figures showed. This 170% increase is mainly due to the simultaneous post-covid recovery which created high demand on commodities, worsened by an offer shortage […]
Afreximbank grants Tunisia $700m loan
Tunisia has received $700 million in credit facility from African Export–Import Bank known as Afreximbank. President Kais Saied, according to a statement by the state-run television, approved the credit line requested by the Central Bank of Tunis. The statement neither provided details on the period of the loan nor the interest rate. […]
OPEC Fund lends Morocco $100 Mln for financial inclusion & digital entrepreneurship
The OPEC Fund for International Development has lent Morocco $100 million to enhance financial inclusion, modernize the economy and mitigate the impact of Covid-19 pandemic. The loan, supported by the World Bank, will enable Morocco implement reforms to provide households and firms with affordable, transparent and sustainable financial services. It aims to ensure financial inclusion […]
Morocco: Central Bank, Exchange Office warn of dangers of crypto-currency
Morocco’s central bank, Bank Al Maghrib (BAM), has again warned against the risks of crypto-currency, which remains illegal in the country. Despite previous warnings regarding the risks associated with the use of virtual currencies such as Bitcoin, it has been established that some physical and moral persons continue to use this type of operation, said […]