The Moroccan economy closed 2016 on a high note, according to Bank Al-Maghrib, who published their first note regarding last year’s estimations January 15. All economic indicators were in the green as of late December and  forecasters are predicting a positive growth impact for 2017.

In Bank Al-Maghrib’s estimation, last December’s performance was marked by a significant upturn in all main economic sectors of Morocco. Optimal weather conditions also played a major role in the stability and progress of the agro industry, one of Morocco’s key economic strengths.

During late December, the average precipitation rate was 158.3 millimetres, an increase of 181% compared to the previous season and 15% above the average over the past five years.

In the banking industry, credit institution needs were reduced by MAD 14.5 Billion in late December, which can be explained by a drop in the Treasury’s credit position with Bank Al Maghreb. The Central Bank confirmed the reduction in the amount of its seven day advances to MAD 12 billion. Bank Al Maghreb’s recent estimations highlight that “taking into account the MAD 4.1 billion secured lending operations granted to the support program of the financing of small and medium enterprises, Bank Al Maghrib’s total outstanding loans total MAD 16.4 billion.”

Regarding the exchange market, Bank Al-Maghrib also announced an increase in foreign exchange sales in the January 15 note. These sales, carried out by the Central Bank on behalf of credit institutions, were estimated at MAD 1.6 billion by the end of December, compared to MAD 653 million a month earlier.

Bank Al Maghrib’s estimations laud the efforts invested by Morocco in its economic sectors. From a stellar year for Moroccan Tourism, to practical reforms in the banking industry, expectations for more economic achievements in 2017 are high.

Source :Morocco World News