Bank Al-Maghrib prepares for inflation targeting, addresses MRE transfers, and discusses economic outlook
via Le Matin6 min read
Bank Al-Maghrib is in the final stages of preparing for inflation targeting, with a full proposal to be submitted in September and an official launch planned for 2027, provided no major global economic shocks occur. The central bank is receiving technical assistance from the International Monetary Fund and collaborating with institutions like the Central Bank of Chile. Internally, Bank Al-Maghrib is training its teams and engaging with the private sector, including the General Confederation of Moroccan Enterprises, to ensure effective communication and implementation. Governor Abdellatif Jouahri expressed confidence in the project, citing projected foreign exchange reserves equivalent to six and a half months of imports by the end of 2026. Separately, Moroccan banks operating in Europe are facing challenges due to new European Parliament legislation from June 2025, which has impacted their role in facilitating transfers from Moroccans residing abroad. A task force involving the Ministry of Foreign Affairs, major banks, Bank Al-Maghrib, and the Treasury Directorate has been formed. Discussions with France have yielded a solution, and negotiations are ongoing with the Netherlands and Belgium, with Spain and Italy next. Jouahri acknowledged that the approach successful with France might not be universally applicable but remains optimistic, expecting the process to continue throughout 2026. Regarding the impact of interest rate cuts, Jouahri stated that approximately 77% of the 7
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OCP has finalized a 5 billion dirham bond issuance. The results show that 4.225 billion dirhams were allocated to collective investment schemes in transferable securities OPCVM, 500 million dirhams to a retirement and pension organization, and 275 million dirhams to insurance and reinsurance companies. According to OCP's statement published on the Moroccan Capital Market Authority AMMC website, 3.935 billion dirhams were allocated to tranche A, which has an annually revisable interest rate. Tranche B received 360 million dirhams with an interest rate revisable every 6 years, tranche C received 460 million dirhams with an interest rate revisable every 12 years, and 245 million dirhams were allocated to a tranche with an interest rate revisable every 20 years.
Safran Electronics & Defense has launched a 17,000 m虏 expansion of its industrial site in Nouaceur, Morocco. This project aims to support the company's growth and new market opportunities. The groundbreaking ceremony was attended by the Minister of Industry and Trade, Ryad Mezzour; the President of Safran Electronics & Defense, Franck Saudo; the General Manager of Safran Electronics & Defense Morocco, Laurent Figari; the Governor of Nouaceur province, Jalal Benhayoun; and the Ambassador of France to Morocco, Philippe Lalliot. Mr. Mezzour highlighted the remarkable growth of Morocco's aeronautical sector, attributing it to the vision of His Majesty King Mohammed VI, and emphasized the maturity and competitiveness of the Moroccan aeronautical platform. Mr. Saudo noted that the expansion continues the group's 25-year industrial presence in Morocco, establishing the Nouaceur site as a strategic hub due to local expertise. This investment addresses the increasing global demand in the aeronautical sector. The site designs, assembles, and maintains high-tech systems, including actuators, flight computers, and measurement systems for major international aircraft manufacturers. Mr. Figari reported significant growth, with staff increasing from 190 to over 450 and production hours more than doubling. The new building will feature 15 production lines and incorporates sustainable solutions. The project will create jobs for engineers, technicians, and production operators, with Safran Ele
Morocco's Minister of Foreign Affairs, African Cooperation and Moroccan Expatriates, Nasser Bourita, received an envoy from the Democratic Republic of Congo DRC, Mbadu Phanzu, who carried a message for King Mohammed VI from President F茅lix-Antoine Tshisekedi. Phanzu highlighted the excellent bilateral cooperation between Morocco and the DRC, noting his visit aims to promote the DRC's candidacy for the Secretary General position of the International Organization of La Francophonie OIF. Juliana Amato Lumumba, the DRC's candidate for OIF Secretary General and daughter of the late Patrice 脡mery Lumumba, accompanied Phanzu. She emphasized the strong solidarity and friendship between the two nations, recalling that her father was honored by the late King Mohammed V. Lumumba also praised the convergence of views between Morocco and the DRC on issues of solidarity, unity, inclusivity, and sovereignty, advocating for a Francophonie that serves and includes its people.