First Independent Mena Newspaper
Morocco’s Central Bank, Bank Al Maghrib, kept its benchmark interest rate unchanged at 2.25% following its board meeting on Tuesday, December 19. The Bank said inflation was expected to reach 0.7 % on average at year end, down from 1.6 percent in 2016. The bank also revised down economic growth to 4.1% this year from […]
The executive board of the International Monetary Fund (IMF) commended Morocco for its “sound” macroeconomic policies and reforms while stressing the need for structural reform efforts. “Executive Directors commended the authorities for the sound macroeconomic policies and reform implementation that have helped improve the resilience of the Moroccan economy, upgrade the fiscal and financial policy […]
The Banker magazine awarded for the eighth consecutive time the “Bank of the Year Morocco” award to the BMCE Bank of Africa. The Banker’s eighteenth annual Bank of the Year awards provides an unrivaled opportunity to meet and network with industry peers and to celebrate the achievements of successful financial institutions from around the world. […]
The transactions made via Bitcoin, the digital payment system, constitute a “violation of regulations, punishable by penalties and fines”, said the Moroccan government agency “Office des Changes”. The Office stand comes few days after Moroccan digital services company MTDS said it would accept payment in bitcoin. According to the Office des Changes, the use of […]
The European Bank for Reconstruction & Development (EBRD) is supporting small and medium-sized businesses in Morocco, Tunisia & Egypt with a €15 million equity investment in the first close of Mediterrania Capital III LP (MC III), which could increase up to €35 million in subsequent closings. This is the third fund of Mediterrania Capital Partners, […]
Morocco has earmarked 6.85 billion dirhams to a program meant to curb disparities between cities and rural areas in 2018. Speaking at the weekly government meeting Thursday, Agriculture Minister Aziz Akhannouch said the program will be funded by the fund of rural and mountainous zones development with the aim of opening up hard-to-reach areas, developing […]
The IMF expressed its support for the Moroccan authorities’ plan to gradually transition to a more flexible exchange rate regime, which should support the economy’s ability to absorb external shocks, and preserve competitiveness. The statement was made by Nicolas Blancher, head of the IMF consultation mission, in a press release that conveyed the preliminary findings […]
Morocco’s central bank (Bank Al-Maghrib ) has agreed to extend its investment agreement for the benefit of the Poverty Reduction and Growth Trust (PRGT) until 2022 in support of IMF’s concessional lending to low-income member countries. The International Monetary Fund (IMF), as Trustee of PRGT, has amended its 2012 investment agreement with Bank Al-Maghrib, through […]
Morocco and the China Association for Industrial Cooperation (CAIC) have agreed to set up an economic zone in Fez offering a platform for various industries. The deal is reflective of China’s increasing interest in Morocco notably after the Kingdom signed with China’s Haite Group an agreement to set up a $10 billion industry and technology […]
IMF Managing Director, Christine Lagarde, commended Morocco for the “genuine” budgetary and sectoral reforms it has undertaken to balance its finances. The IMF head told the press on the sidelines of the annual meetings of the IMF and the World Bank that Morocco has used its credit line to carry out fiscal and structural reforms. […]