The High Commission for Planning in Morocco (Statistics Authority) revealed that the liquidity needs in the money market have increased to reach the end of 2020 to 153.9 billion dirhams (15.3 billion dollars), an increase of more than 91 billion dirhams ($9.1 billion) compared to the level recorded in 2019.
According to the Commission, the year 2020 will witness, due to corona, a significant decrease in net financial flows, especially tourism and export incomes, remittances of Moroccans residing abroad and net inflows from foreign direct investments, which will lead to a decrease in the level of foreign currency reserves in 2020 to about 212 billion dirhams (21.2 Billion dollars) without calculating the $3 billion liquidity credit line from the International Monetary Fund; Compared to 253.4 billion dirhams ($25.3 billion) recorded in 2019.
The delegate praised the measures of the central bank, which adopted a flexible monetary policy that will help reduce pressures on the liquidity deficit and support the takeoff of the national economy, especially in terms of successive reductions in the main interest rate by about 50 basis points to move to 1.5 percent during the month of June 2020, after a decrease 25 basis points, moving from 2.25 percent to 2 percent in March.
Source (Al-Sharq Al-Awsat newspaper, Edited)
