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Morocco central bank cuts benchmark interest rate to 2.25 percent

CASABLANCA, Morocco, Capital Markets in Africa — The Moroccan central bank cut its benchmark interest rate on Tuesday for the first time since December 2014 in an attempt to stimulate an economy hurt by weak cereal production and non-agriculture activity. The Bank reduced the key rate by 25 basis points to 2.25 percent, Bank Al-Maghrib said in a statement. The central bank also lowered its growth forecast for this year to 1 percent from 3…

Moroccan govt endorses 2016 budget, GDP grows 4.5% in Q3, inflation rises to 0.3% in September

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Casablanca, Morocco, Capital Market in Africa — Morocco’s government has ratified the draft budget for the fiscal year 2016, which showed expected deficit of around 3.5%, economic growth at 3%, at oil prices of US$61 per barrel. The budget targets bolstering fundamentals of balanced economic growth, while encouraging supply through motivating industries and private investment, said the government spokesman Moustafa Al Khalfi. Morocco’s economy grew 4.5 % year-on-year during the third quarter of 2015, up…

Orange increases its capital interest to 49% in Méditel

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PARIS, France (Capital Markets in Africa) — Fipar-Holding (the Moroccan Caisse de Dépôt et de Gestion group), FinanceCom and Orange signed the final documentation today increasing Orange’s interest in Méditel, the Moroccan telecommunications operator, in application of the agreements they signed in December 2010. Through this transaction, Orange has acquired an additional 9% of Méditel’s capital and benefits from the rights set out in the December 2010 agreements. As a result, Orange now holds 49% of…

Morocco’s Foreign Currency Reserves rise 16% on year-on-year

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Casablanca, Morocco (Capital Markets in Africa):- Morocco’s net foreign currency reserves amounted to MAD 193.9 billion till 12 June, an increase of 16% year-on-year, according to local gazette Hespress. On 17 June, Morocco’s central bank, or Bank Al-Maghrib, kept its benchmark interest rate unchanged at 2.5% , saying that inflation would remain consistent with price stability targets. Inflation is expected to reach 1.5% in 2015 and 1.4% on average over the next six quarters. However, there…

Peugeot Citroen’s Moroccan Factory to Produce 200,000 Cars a Year

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Rabat, Morocco (Capital Markets in Africa) — The new factory of the French leading carmaker PSA Peugeot Citroen will produce 200,000 cars and 200,000 motorbikes a year, Minister of Industry, Commerce, Investment and the Digital Economy Moulay Hafid Elalamy said. The new plant, to be completed by 2019, will generate 4.500 direct jobs and 20,000 indirect, said the Minister in an address before King Mohammed VI, who chaired on Friday the signing ceremony of the…

France’s FigeacAero to open production unit in Morocco

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Rabat, Morocco (Capital Markets in Africa) – Morocco’s aeronautics industry continues to spread its wings. Following in the footsteps of other global heavyweights in aeronautics such as Bombardier and Airbus, a 25 million euros investment will be injected in the Moroccan aeronautics industry by FigeacAero, a French group specializing in mechanical aerospace. The French company has confirmed plans to open a production unit in Casablanca which is expected to generate 500 jobs and an investment of…

Morocco Central Bank keeps interest rate on hold at 2.5 percent

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Casablanca, Morocco (Capital Markets in Africa):- Morocco’s central bank, or Bank Al-Maghrib, kept its benchmark interest rate unchanged at 2.5 percent on Tuesday, saying that inflation would remain consistent with price stability targets. Inflation is expected to reach 1.5% in 2015 and 1.4% on average over the next six quarters. However, there are external uncertainties over oil prices, according to the central bank. A decline in global oil prices revived Morocco’s public finances and slashed…

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