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The Moroccan Economy in Brief: Wednesday, September 28, 2022

MRE transfers would be around 100 billion dirhams in 2022:

Transfers from Moroccans residing abroad (MRE) should amount to nearly 100 billion dirhams (MMDH) in 2022, according to Bank Al-Maghrib (BAM). "Taking into account the performance recorded since the beginning of the year, transfers from Moroccans living abroad should continue to progress to total nearly 100 billion dirhams over the whole year before returning to 92.4 billion in 2023", indicates BAM in a press release published on Tuesday at the end of the third quarterly meeting of its Board for the year 2022.

Bank Al-Maghrib raises the key rate to 2%:

The Board of Bank Al-Maghrib (BAM), meeting on Tuesday in Rabat, decided to raise the key rate by 50 basis points (bps) to 2%. "To prevent any unanchoring of inflation expectations and ensure the conditions for a rapid return to levels in line with the price stability objective, the Board decided to raise the key rate by 50 basis points to 2% while continuing to closely monitor the economic situation, at the national and international levels, and in particular the evolution of inflationary pressures", indicates BAM in a press release published at the end of the third quarterly meeting of its Board under the year 2022.

Morocco: growth at 0.8% in 2022:

Economic growth is expected to slow sharply to 0.8% this year, then accelerate to 3.6% in 2023, forecasts Bank Al-Maghrib (BAM). “Economic growth would mark, according to Bank Al-Maghrib projections, a sharp slowdown this year to 0.8%, the result of a 14.7% decline in agricultural value added and a deceleration to 3.4 % of the pace of non-agricultural activities”, indicates the Central Bank in a press release published at the end of the third quarterly meeting of its Board for the year 2022.

Sitel Group and Majorel abandon their merger plan:

After the confirmation of due diligence and the validation of the expected synergies at the end of this merger, the shareholders of the two companies finally did not find agreement on the final structure of the transaction in relation to the difficult macroeconomic context. Sitel Group, one of the world’s leading customer experience companies serving the world’s leading brands, has announced that it has concluded discussions with Majorel Group Luxembourg S.A. (“Majorel”) regarding the proposed merger of the two companies. After the confirmation of due diligence and the validation of the expected synergies at the end of this merger, the shareholders of the two companies finally did not find agreement on the final structure of the transaction in relation to the difficult macroeconomic context.