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The Moroccan Economy in Brief: Monday, October 10, 2022
Financial education in rural areas: Crédit Agricole du Maroc and the FMPS join forces:
Crédit Agricole du Maroc (CAM) and the Moroccan Foundation for the Promotion of Preschool Education (FMPS) sealed, on Thursday, a strategic partnership aimed at deploying a major financial education program for the benefit of parents and families of children enrolled in preschool in difficult rural areas. Having convergent and complementary objectives for the development of the most fragile rural populations and territories, the CAM and the FMPS have decided, within the framework of this important partnership agreement, to pool their expertise, know-how and human and logistical resources. , to expand and scale up CAM's financial education program, said a joint statement from CAM and FMPS .
The dirham appreciates by 1.90% against the dollar:
The dirham depreciated by 1.85% against the euro and appreciated by 1.90% against the US dollar, during the period from September 29 to October 5, 2022, according to Bank Al -Maghrib (BAM). During this period, no auction operation was carried out on the foreign exchange market, indicates the Central Bank in its recent weekly bulletin. As of September 30, 2022, official reserve assets stood at 340.7 billion dirhams (MMDH), up 1.1% week-on-week and 7.2% year-on-year, know BAM.
Industry: GMD Metal Tanger inaugurates its new factory in Tangier
GMD Metal Tanger celebrated the inauguration of its new industrial unit in Tangier, during a ceremony organized on October 07, 2022, under the chairmanship of the Minister of Industry and Trade, Ryad Mezzour. After 9 years of presence and success in the "Tangier Free Zone", GMD METAL TANGER, a subsidiary of the GMD Group, has decided to intensify its local presence with the opening of a brand new factory of 30,000 m2 on a land area of 45,000 M2 in “Tangier Automotive City”, within the industrial platform of Tanger Med. This plant will meet the local integration needs of car manufacturers, RENAULT and STELLANTIS, two major customers of the GMD group, as well as for new projects launched by these manufacturers in the Kingdom of Morocco.
Oil prices continue to rise:
On Friday, Oil prices continued to rise to reach their highest in nearly a month, as voluntary OPEC+ production cuts offset global growth concerns. A barrel of North Sea Brent crude for December delivery gained 0.44% to $94.84 and a barrel of US West Texas Intermediate (WTI) for November delivery gained 0.47% to $88.87. . Members of the Organization of the Petroleum Exporting Countries (OPEC) agreed on Wednesday to a drop of "two million" barrels per day for the month of November. This drastic cut is the largest since the spring of 2020, when the group chose to leave nearly 10 million barrels underground so as not to flood a market unable to absorb them in the midst of the Covid-19 pandemic.
IMF-WB Annual Meetings 2023 in Marrakech: Morocco promotes itself in Washington :
Morocco, as a destination for investors, a crossroads of civilizations and multiple cultures, and a country with an exceptional heritage, is in the spotlight throughout the Autumn Meetings of the International Monetary Fund (IMF) and the World Bank (WB) which open this Monday in Washington. This close-up on the Kingdom serves as a foretaste of the elite of the world of finance, politics and academic and media circles, who will meet next year in Marrakech for this same world conclave. As host country of the October 2023 edition, a series of events are scheduled until October 16, to promote the economic and cultural attractiveness of Morocco within the two institutions, located in the heart of the US federal capital.
