First Independent Mena Newspaper
Angola’s Supreme Court ordered Tuesday the preventive seizure of assets of Isabel dos Santos, daughter of former president Eduardo dos Santos, Africa News reports. The court order targets 100 percent of the shares of the company Embalvidro, of which the defendant is the beneficial owner as well as the balances of all bank accounts owned […]
Germany’s Development Bank (KfW) will provide Morocco’s National Office of Electricity and Drinking Water (ONEE) additional €52.6 million including €3.1 million grant for drinking water projects to be carried out in the North African Kingdom. The new funding and grant agreements were signed Tuesday by ONEE Chief Abderrahim El Hafidi and KfW Director Water & […]
Inflation will continue to soar in Tunisia reaching 10.5 pc in 2023 against 8.3 pc expected in 2022 deepening further the economic and political crisis rocking this country. The announcement of the inflation projection was made by Tunisian economy minister Samir Saeed at a press conference. “2023 will be a difficult year”, said the minister, […]
A mission led by a multidisciplinary team from the International Monetary Fund (IMF) highlighted Bank Al-Maghrib’s (BAM) transparency practices. This mission focused on examining the bank’s transparency practices in five areas, relating to “Governance”, “Policies”, “Operations”, “Results” of these policies, as well as the “Institutional Relations” it maintains with national and international bodies, the central […]
Bahrain’s Al Baraka Group (ABG), one of the major Islamic banking and financing institutions, announced on Monday that it is exiting from two of its subsidiaries, Bank Al-Tamweel Wa Al-Inma (BTI) in Morocco and Itqan Capital, an investment company in Saudi Arabia. Its 43.6 pc stake in BTI will be sold to Moroccan Bank of […]
The World Bank has granted Egypt a new development financing of $500 million to support the “Takaful and Karama” program according to the Arab country’s Minister of International Cooperation Rania Al-Mashat. Takaful and Karama program supports the most vulnerable classes against the implications of the global economic crises and external shocks. The financing will support […]
Moroccan businesswomen will benefit from technical assistance of the World Bank Women Entrepreneurs Finance Initiative (WB We-Fi) program to access to new markets through e-commerce. An agreement was signed lately in this regard by the WB officials with Moroccan ministry of Trade & Industry, Morocco’s SME Agency and the Federation of Moroccan Chambers of Commerce, […]
The bill to regulate the use of cryptocurrencies in Morocco is ready, announced the Governor of the Central Bank (Bank Al-Maghrib- BAM), Abdellatif Jouahri. Speaking at a press briefing following BAM’s 4th and final quarterly meeting of 2022, Jouahri stressed that the draft to put in place a proper regulatory framework is ready. “For cryptocurrencies, […]
Remittances by Moroccan expatriates are expected to increase by 12.9 pc to $10 billion in 2022 before dropping by 4pc to $9.6 billion in 2023 due to the deterioration of economic conditions in the host countries, according to the forecasts of Morocco’ Central bank. As for travel receipts, they are projected to end the year […]
Morocco is poised to leave the grey list of the Financial Action Task Force (FATF), a move that will facilitate Morocco’s access to international debt market and improve its sovereign rating, central bank governor said. The bank hiked its benchmark interest rate by 50 basis points to 2.5% as it expects inflation to surge to […]