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The Moroccan Economy in Brief: Wednesday, May 04, 2022

Public: the increase of the SMIG requires 191 MDH per year :

The rise in the minimum wage (SMIG) for civil servants of the state and public administrative institutions requires an envelope of 191 million dirhams for 50,000 beneficiaries, said on Saturday the Minister of Economic Inclusion, Small Business, Employment and Skills, Younes Sekkouri. This upward revision of the minimum wage in the public sector to reach a net amount of 3,500 dirhams aims to improve the material situation of civil servants classified in the lower scales, he added in a speech on the occasion of Workers' Day, noting that this measure will enter into force on September 1, 2022.

CNSS-Covid: 75.31 MDH mobilized annually :

An amount of 75.31 million dirhams will be dedicated annually to the insured of the National Social Security Fund (CNSS) affected by the repercussions of the Covid-19 pandemic, according to the Minister of Economic Inclusion, Small Business, Employment and Skills, Younes Sekkouri. This financial cost will be taken into account in the general reform of the pension system and the CNSS, he added on Saturday in a speech on the occasion of the Workers' Day.

Money market: The need for financing of the banks in rise:

The need for financing of banks on the money market increased by 10.8 billion dirhams to 91.3 billion dirhams during the period April 22 to 28, according to Attijari Global Research (AGR) in its note "Weekly Hebdo Taux - Fixed Income". According to the analyst, "the money market remains balanced thanks to the interventionism of the Central Bank through its main and longer term operations. These are up 10.8 billion dirhams in one week to 91.3 billion dirhams and this, on the eve of Eid el-Fitr, satisfying all the banking demand in liquidity.

Bond market: the increase in rates continues:

The rising dynamics of rates continued on the primary bond market during the period April 22 to 28, according to Attijari Global Research (AGR). "Taking into account the still high profitability requirements of investors during this 1st auction session of the month of May, the rates keep on their rise. Thus, the yield on the 26-week maturity rose by 8 bps (basis points) to 1.57%," AGR points out in its recent "Weekly Rates - Fixed Income" note. AGR also notes that the same upward trend was observed on the secondary market, with the exception of a slight downward movement on the LT (long term) segment.

EEP: Payment times to 37.9 days :

The average payment times reported by all public establishments and enterprises (EEP) amounted to 37.9 days at the end of March 2022, against 38.4 days in the same period of 2021, according to the Directorate of Public Enterprises and Privatization (DEPP) under the Ministry of Economy and Finance. " On April 29, the Ministry of Economy and Finance published the payment times reported by the EEP concerning the month of March 2022 and this, at the level of the section of the Observatory of the Payment Times on the portal of the aforementioned ministry ", indicates the DEPP in a notice.