The Moroccan Economy in Brief: Monday, February 22, 2021
Morocco's foreign currency reserves are close to MAD 313 billion:
The dirham appreciated by 0.22% against the euro and depreciated by 0.28% against the US dollar during the period from February 11 to 17, 2021, according to Bank Al-Maghrib (BAM). During this period, no auction operations were carried out on the foreign exchange market, according to BAM in its latest Weekly Indicators Bulletin. As of February 12, 2021, the outstanding official reserve assets stood at MAD 312.9 billion, up 0.1% from one week to another and 25.9% year-on-year, the Central Bank said.
CFG Bank confirms its rise, the 2020 figures:
CFG Bank's consolidated net banking income (NBI) stood at MAD 285 million at the end of December 2020, up 26% compared to the previous year. This increase is mainly driven by the rise in loans and the good performance of the investment bank and trading room activities, despite the decline in stock market prices linked to the health crisis, the bank said in a press release on its financial results. Customer deposits showed an 18% growth in 2020, i.e. a net inflow of MAD 1 billion to reach MMD 6.69 billion, the same source said, noting that these resources are in addition to the capital increase of March 2020 to finance the growth of credits.
The money market maintains its equilibrium:
The money market maintained its equilibrium during the period from February 12 to 18, 2021, thanks in particular to the intervention of Bank Al-Maghrib (BAM) and the dynamism of the investments of the Treasury's cash surpluses, indicates Attijari Global Research (AGR). The average outstanding amount of the Treasury's blank injections and repurchase agreements accelerated its growth thanks to the comfortable situation of the State's public finances on the sidelines of the Treasury's latest international outlay, AGR states in its weekly note "Weekly Hebdo Taux - Fixed Income". This outstanding amount stood at MAD 38.3 billion against MAD 34.6 billion a week earlier, adds the said note, noting that interbank rates evolved in line with the key rate at 1.50%, and MONIA rates (Moroccan Overnight Index Average) hovered around 1.41%, down 1 basis point over the week.
The Africa/Middle East region boosts Orange's 2020 results:
Orange reports strong financial and business results for 2020. Against the backdrop of the health crisis, the Group posted revenues of 42.3 billion euros, a slight increase of 0.3% year-on-year on a comparable basis. This increase was supported by a "remarkable" performance in Africa & Middle East. In this region, Orange posted revenues of 5.8 billion euros, an increase of 5.2%. More than 80% of this revenue was driven by strong momentum in services billed to customers, which amounted to 5 billion euros (+7.8%). In the Mobile segment alone, the telecommunications operator posted revenues in Africa and the Middle East of 4.4 billion euros (+6.7%).
More revenues and profitability in 2020 for Label Vie Group:
Good harvest in 2020 for Label Vie. The pandemic crisis and changing consumer habits have pushed the group to take up a number of health, logistical and financial challenges. And the fruits are there. Label Vie posted a 6% increase in consolidated revenues, passing the MAD 11 billion mark. The group has also improved its profitability. The gross operating surplus increased by 15% to MAD 909 million. The current result improved by 19% and net income rose by 6% from 318 million in 2019 to 337 million the following year.