First Independent Mena Newspaper
In a pessimistic tone that bodes ill for Algeria’s economic prospects, Algerian Prime Minister Abdelmalek Sellal announced yet a new slump in the country’s foreign exchange reserves, which currently stand at $112 billion. As Algeria’s revenues continue to be battered by the slump in oil prices, Sellal, who was speaking in Annaba at a meeting […]
Morocco’s leading bank group, Attijariwafa bank, has set sails towards Ghana where it seeks to conquer the banking market. In a first step, it signed a partnership agreement with GCB Bank Ltd, the second top bank group of the West African country. After it established its presence in several francophone countries neighoring Ghana, Attijariwafa bank […]
Morocco and Ghana opened a new chapter in their bilateral ties with the signing of 25 cooperation agreements during a ceremony chaired by King Mohammed VI who is currently paying an official visit to Ghana and Ghanaian President Nana Akufo-Addo. Five of the agreements were signed between the two governments to promote bilateral cooperation […]
Morocco’s economic capital, Casablanca, has been ranked second African city to house the largest number of billionaires by Forbes Africa Magazine in its 2017 ranking of African billionaires. The city comes right behind the Kenyan capital Nairobi, which has toppled the South African capital Johannesburg. Casablanca, according to the famous magazine, is home to 5,000 […]
Director of the International Monetary Fund Christine Lagarde lauded Morocco for the efforts it undertook to restructure its economy. In an interview with weekly magazine, Jeune Afrique, Lagarde said Morocco is leading successful restructuring of its economy without depending on oil or agricultural commodities. She recalled that the credibility of Morocco’s reform earned it an […]
Bahrain’s Al Baraka group forged a partnership with Morocco’s BMCE Bank of Africa to create AL Baraka Maroc which aims at creating a network of 25 agencies in Morocco in the first quarter of 2017. The Bahraini group made the announcement after Morocco’s central bank gave the green light to five Moroccan banks to set […]
As expected, Morocco’s Central Bank has finally given its green light to five Moroccan banks to set up Islamic banks – known locally as participative banking- and allowed three banks to sell Islamic products. The regulatory approvals concern the three major Moroccan banks Attijariwafa Bank, BMCE of Africa and Banque Centrale Populaire (BCP), and two […]
Morocco’s Central Bank, Bank Al Maghrib, forcasted a 4.2% growth rate for Moroccan economy in 2017, up from 1.2% in 2016. The positive growth rate was put forward on the backdgrop of a promising crop year following abundant rainfall, the Bank said. The bank has kept its benchmark interest rate unchanged at 2.25 percent as […]
EU officials and media continue to voice concern over the threats of instability in Algeria, which braces for a political crisis marked by the opacity of the regime and disagreements on who will succeed the ailing President Bouteflika and an economic crisis triggered by shrinking oil revenues. “Europe should draw lessons from the tragedy in […]
Morocco was ranked third in Africa’s fastest growing reinsurance markets in the Africa Reinsurance Pulse 2016, an annual report issued by Schanz, Alms & Company. “Kenya, Nigeria and Morocco are the fastest growing reinsurance markets, driven by the size and diversity of their economies, a young and growing population and advanced regulatory regimes,” says the […]