First Independent Mena Newspaper
Almost one week after the launch of the Dirham float, head of Morocco’s central bank, Abdellatif Jouahri, and Economy and Finance Minister, Mohammed Boussaid, reassured that the flexible exchange rate will not lead to price hikes. Speaking at a joint session of the two houses of Parliament, the two officials offered briefings on the launch […]
The long awaited launch of the flexible exchange rate system for the Dirham currency will start on January 15 after it was postponed for 5 months. The gradual Dirham float will start with an anchor of 2.5% in-stead of 0.3% currently, while fixing the Dirham exchange rate via a peg that is 60 percent weighted […]
The European Bank for Reconstruction & Development has approved a €9.7 Million loan to Fondation Albaraka, one of the largest microfinance institutions in Morocco for on-lending to local micro enterprises. Access to finance through banks remains extremely limited for micro, small and medium-sized enterprises (MSMEs) in Morocco. The EBRD funds will offer much-needed support for […]
Morocco has become member of the Government Debt and Risk Management (GDRM) program of the World Bank Treasury. The GDRM Program provides assistance to middle-income countries (MICs) to improve macroeconomic and fiscal management by reducing vulnerability to financial and other shocks. The GDRM Program brings a tailored approach to each country’s priorities and provides expert […]
Remittances of Moroccans living abroad, one of the main source of foreign exchange reserves in Morocco, grew by 4% in the first eleven months of 2017 to stand at 60.2 billion dirhams ($6.5 bln), while FDI flow in the country grew by 13.2% to 21.8 billion dirhams over the same period compared to 19.3 billion […]
Local farmers in the Souss region are financially contributing to the building of the world’s biggest water desalination plant whose water will help irrigate the plains of Chtouka. The farmers are contributing €1000 (10,000 dh) per each hectare in an unprecedented success story of the public-private partnership in Morocco, local media reported. The contributions will […]
France granted a 128 million euro loan to fund the locomotives that Morocco’s national railway operator (ONCF) plans to purchase as part of its development program. The loan will boost the ONCF shift to electric railway in line with Morocco’s environmental commitment. ONCF posted a net profit of 223 million Dirhams in 2016, up 31% […]
The World Bank and Morocco signed a loan agreement worth $200 million in support of the second pillar of the Green Morocco Plan, particularly in the areas of promoting citrus and olive oil industries. The loan, signed by the World Bank and the Ministry of Economy and Finance, targets small and medium sized producers of […]
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 […]