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The Moroccan Economy in Brief: Tuesday, October 12, 2021

Morocco launches its national investment and export brand:
Morocco officially launches, on the sidelines of the kingdom's participation in the Expo 2020 Dubai, its investment and export brand: Morocco Now. This initiative aims to promote Morocco as a leading industrial and export platform in order to accelerate foreign investment.

Bank liquidity: The deficit increases:
The bank liquidity deficit increased during the previous week by 9%, compared to its level a week earlier, according to BMCE Capital Global Research (BKGR). In response, Bank Al-Maghrib (BAM) increased by 21% to MAD 36.92 billion its advances to 7 days at a time when the investments of the treasury have strengthened significantly to reach nearly MAD 40.8 billion instead of MAD 7.95 billion a week earlier due to the payment of the IS advance which has increased the revenue of the treasury, said BKGR in its recent letter monetary and bond. Under these conditions, the weighted average rate remains aligned with the policy rate by stabilizing at 1.5%, the analyst said.

Reserve assets: Up 9.2% y/y:
Reserve assets are doing well. As of October 1, the outstanding official reserve assets (AOR) stood at MAD 322.1 billion, up 1.3% week-on-week and 9.2% year-on-year, says Bank Al-Maghrib in its weekly statistics. It should be noted that the dirham appreciated by 0.35% against the euro and depreciated by 0.62% against the dollar from September 30 to October 6, according to the Central Bank.

Mutandis: AG for a capital increase:
The shareholders of the company Mutandis are convened, on November 8, to an Extraordinary General Meeting whose agenda concerns a capital increase of MAD 300 million. This operation comes after the acquisition of the American company Season Brand LLC in the United States. Season is indeed the leading brand of high-end canned sardines in the United States and achieves about MAD 480 million in sales, MAD 60 million in gross operating income, and MAD 45 million in net income.

Halal products: The world's leading exporter is... :
Brazil dominates in the field of export of halal products. It is the world's largest exporter of halal food in the world, according to a report on the global state of the Islamic economy, prepared by the international firm Dinar Standard. The South American country exported the equivalent of 16.2 billion dollars worth of halal products, 12% more than India, which came second, said the study, which compiled information up to the beginning of the pandemic.

Money market: An "increasingly comfortable" situation of the Treasury :
Attijari Global Research (AGR) stressed "an increasingly comfortable situation of the Treasury" which continues the sustained pace of its interventions on the money market. At the end of this week, the Treasury has increased by 10 billion DH the placement of its cash surpluses, says the subsidiary of Attijariwafa Bank in its latest note "Hebdo Taux". The average injection with repo and unsecured has increased in one week from 5.4 billion DH to 15.4 billion DH, reflecting the comfortable situation of public finances.