Morocco’s large diaspora, estimated to comprise up to 15% of the population, has changed considerably since the Second World War when blue-collar workers moved to Europe to help rebuild. Indeed, today the population of Moroccans living abroad increasingly comprises highly-educated young professionals. Demographics Recent estimates have put Morocco’s diaspora population at between 4m and 5m, or…
One of Africa’s longest-established sovereign states, Morocco has had diplomatic relations with other countries for centuries. It has particularly close ties to the US, as well as to the EU and especially France and Spain. Like many of its neighbours, Morocco is now building stronger trade and investment relations with other emerging markets, including sub-Saharan African nations and giants in Asia.…
Morocco’s relations with its Middle Eastern and North African neighbours have been coloured by territorial and security disputes, but are gradually improving as mutual interests strengthen. Meanwhile, its partnership with the wealthy Gulf states goes from strength to strength, with several Gulf countries major investors in Morocco and the kingdom an important security partner for its allies on the…
Morocco has been perhaps the most stable and peaceful country in North Africa in recent years, while other countries in the region have been afflicted by political turbulence and war. The reforms implemented by King Mohammed VI since coming to the throne in 1999 have played a major role in ensuring Morocco has remained a stable and tolerant country, as well as an increasingly open society politically. The…
Authorities in Morocco have long succeeded in keeping prices under control through monetary policy tools such as inflation targeting and an exchange rate peg that has avoided spikes in the cost of imports. Thanks to persistently low inflation, recent years have seen several interest rate cuts, the latest of which took place in March 2016, as low forecast growth led to reductions in inflation forecasts…
Having risen rapidly in the years to 2012 on the back of high expenditures, Morocco’s budget deficit has fallen in recent years as subsidy reforms and other efforts to reduce spending and raise revenues kick in. Authorities are also on the verge of overhauling the public pension system, after the government was forced to substantially raise pension contributions in order to avert the system’s collapse. Falling…
The business environment in Morocco is one of the most attractive in North Africa and it continues to improve in international rankings. While a number of challenges such as payment delays and access to finance affect companies operating in the kingdom, the government is working on a range of initiatives to address these and other problems, though observers say progress remains slow in several key…
Morocco has taken steps to sustain foreign investment inflows during a period of slow global growth. The authorities have rolled out a range of reforms, from a new National Business Environment Council in the Prime Minister’s office to the adoption of anti-corruption plans. However, perhaps one of the most prominent changes came in summer of 2016, with the rollout of a new legislative framework which…
Following the publication of new banking legislation in the Journal Officiel in March 2015, Morocco is close to launching a fully-fledged Islamic banking segment (known locally as participative banking). Setting The Standard Since the passage of the law, Moroccan monetary authorities have been working to put in place the applicatory framework for the new segment. A royal decree issued in early 2015…
Attracted by higher levels of growth outside Morocco, the country’s three largest banks by assets have developed a substantial presence abroad, particularly in Africa, where all three have built multinational bank networks over the last decade. The main players, Attijariwafa Bank, Banque Centrale Populaire (BCP) and Banque Marocaine du Commerce Extérieure (BMCE), continue to expand, with the latter…
