RABAT- Morocco’s central bank held its benchmark interest rate at an all-time low of 1.5% on Tuesday, saying its monetary policy was accommodative and consistent with the economic outlook. Morocco is Africa's most vaccinated country, having inoculated 22.8 million people with two jabs from the population of about 36 million. Remittances from Moroccans abroad are expected to grow to a record 95 billion dirhams ($10 bln) this year, outperforming tourism revenues seen at 33.1 billion dirhams, down 9.2% compared with last year. Morocco’s foreign exchange reserves would increase from 330.4 billion dirhams ($35.7 bln) this year to 341.6 billion in 2022 and 345.7 billion in 2023, based on the treasury's external borrowing plans. The fiscal deficit would narrow from 6.9% of GDP this year to 6.3% in 2022 and 5.8% in 2023.

Source: The North Africa Journal December 22, 2021 02:40 UTC