The Moroccan Economy in Brief: Monday, October 26, 2020

Moroccan mutual funds invested MAD 4.56 million in foreign currency investments in 2019:
Undertakings for Collective Investment in Transferable Securities (UCITS) devoted nearly 0.97% of their total net assets to foreign currency investments in 2019, against 1.14% a year earlier, i.e. the equivalent of MAD 4.56 billion. 96.6% of these investments are made up of debt securities denominated in foreign currency, issued by the State or by Moroccan public institutions, according to the annual report of the Moroccan Capital Market Authority (AMMC) for 2019.

The Moroccan dirham appreciates against the dollar:
The dirham appreciated by 0.68% against the US dollar and depreciated by 0.32% against the euro during the period from 15 to 21 October 2020, according to Bank Al-Maghrib (BAM). During this period, no auction operations were carried out on the foreign exchange market, says BAM in its latest Weekly Indicators Bulletin. As of October 16, 2020, official reserve assets stood at MAD 293.4 billion, down 0.4% from one week to another and up 23% year-on-year.

Maroclear: Increase of 6.5% in the total assets retained in 2019:
The global outstanding assets held by the Central Securities Depository, Maroclear, amounted to more than MAD 1,881.5 billion at the end of 2019, up 6.5% compared to 2018, according to the Moroccan Capital Market Authority (AMMC). This increase was driven mainly by the rise in outstanding shares, bonds and negotiable debt securities (TCN) and Undertakings for Collective Investment in Transferable Securities (UCITS) which increased respectively by 7.28%, 14.58% and 6.98%, compared to end 2018, the AMMC said in its annual report for the year 2019.

SERNATUO investigates the opportunities of the Moroccan automotive industry:
"Morocco: Strategic Market for Automotive Suppliers" is the theme of a webinar organized on October 21 by the Spanish Association of Automotive Suppliers (SERNAUTO), in collaboration with IC Group. This meeting allowed to analyze the Moroccan automotive industry and the opportunities it offers, especially for Spanish automotive suppliers. "Morocco is the leading automotive manufacturer in the MENA region and the second in Africa. It is a strategic point for our sector both by its location and its commitment to an industrial acceleration plan, developing an automotive ecosystem where several Spanish suppliers have already established themselves," explained Sonia López, President of the Foreign Trade Commission of Sernauto.

The digital bank: Bank of Africa launches into a new challenge:
The banking sector is on the lookout for new technologies. In times of health crisis, the digital bank offers itself as a solution for the future. This is how Bank of Africa intends to use digital technology to create value and develop business opportunities. The bank has even developed its first 2019 integrated annual report in a digital version produced according to the International Integrated Reporting Council's International Integrated Reporting Council (IICR) international integrated information repository. Its digital transformation is based, among other things, on the Blockchain, the Fintech cooperation, artificial intelligence, a think tank on digital and business strategy, and mobile payment. With this in mind, it plans to strengthen its leadership in terms of digital banking in Morocco and Africa.