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The Moroccan Economy in Brief: Thursday, June 23, 2022

Akhannouch visits the aeronautical industrial pole of Nouaceur :

On Wednesday, the Head of Government, Aziz Akhannouch, visited the aeronautical industrial pole of Nouaceur, the first site of its kind in Morocco having started its activities 20 years ago, under the high instructions of the King. Akhannouch, who was accompanied by a delegation composed of the Minister Delegate in charge of Investment, Convergence, and Evaluation of Public Policies, Mohcine Jazouli and the Chairman of the Board of Directors of Safran Nacelles Maroc Hamid Benbrahim Andaloussi, visited the production units of the Safran Nacelles Maroc plant, which the King inaugurated 16 years ago, according to a press release from the Head of Government's department.

Moroccan cities best equipped with ATMs:

The expansion of the automated teller machine (ATM) network has slowed sharply with the installation of only 5 new ATMs during the first quarter of 2022 (not including replacements), according to the Interbank Electronic Money Center (CMI). The network has thus reached 7,945 ATMs, an expansion of +0.1% compared to December 31, 2021, specifies the CMI in its recent report. The best equipped cities are Casablanca with 1,537 ATMs, Marrakech (668 ATMs), Rabat (652), Tangier (476), Agadir (418), and Fez (401), according to the same source. The ATM network has achieved, during the first quarter of 2022, 87.2 million withdrawals made by Moroccan and foreign bank cards, up 11.3%, for 84.5 billion dirhams (MMDH), an increase by 9.6%, or an average monthly activity of 4,399 withdrawal operations for a total amount of 4.2 million dirhams (MDH) for each ATM.

Opening in Marrakech of the 2nd edition of the "World Power-to-X Summit" :

 

On Wednesday in Marrakech, the second edition of the "World Power-to-X Summit" (PTX22) started with the participation of a host of policy makers, industrialists and experts from more than thirty countries. Organized by the Institute of Research in Solar Energy and New Energies (IRESEN), in partnership with the University Mohammed VI Polytechnic (UM6P), this event, which will continue until June 24, aims to discuss innovative strategies in the field of green hydrogen and seal partnerships for a new era of clean energy.

Inauguration in Tangier of a German plant that specializes in automotive components :

The Minister of Industry and Trade, Ryad Mezzour, inaugurated on Wednesday in Tangier Automotive City, located in the industrial platform Tangier Med, a plant which specializes in components and assemblies for mechanical unlocking systems under the German group Stahlschmidt International Holding GmbH (SCS). The new German unit strengthens the position of Tangier as an industrial destination par excellence and helps support the Moroccan-German economic cooperation which, thanks to the wisdom of the King Mohammed VI, is experiencing a tangible, balanced, and hopeful, stressed Mezzour at the opening ceremony of this plant, which was attended by administrative officials and economic figures.

Electronic money activity: 118.5 million transactions for 96.7 billion dirhams in Q1 2022:

The overall achievements of the electronic banking activity in Morocco reached 118.5 million transactions for a total of 96.7 billion dirhams (MMDH) during the first three months of 2022, according to the Interbank Electronic Banking Center (CMI). This activity, which includes cash withdrawal operations on the ATM network, payment operations with merchants and e-merchants, payment operations on ATMs and Cash Advance operations, by Moroccan and foreign bank cards, shows an increase by 15% in number of operations and 10.9% in amount compared to the same period of the year 2021, specifies the CMI in its recent report. In Morocco, domestic cards recorded 115.7 million transactions for 93.3 billion dirhams in payments and withdrawals, an upward trend of 14.7% in number of transactions and 10.3% in amount.