King Mohammed VI Receives Abdellatif Jouahri, Governor of Bank Al-Maghrib

In his speech to His Majesty the King, Mr. Jouahri indicated that despite a global environment marked by strong uncertainties and years of drought, the national economy showed a significant improvement in 2024, with an overall growth of 3.8% and 4.8% in non-agricultural activities. He mentioned that inflation had significantly decreased to an average of 0.9%. Mr. Jouahri emphasized that in light of easing inflationary pressures and to support economic recovery, Bank Al-Maghrib had initiated a loosening of its monetary policy by reducing its key rate twice while meeting all liquidity demands from banks. Regarding the labor market, he stated that the national economy created 82 thousand jobs, insufficient to reverse the rising unemployment trend at an average of 13.3%. In terms of public finances, the budget consolidation continued, with the deficit reduced to 3.9% of GDP due to strong tax revenues and significant income from innovative financing mechanisms. Mr. Jouahri assured that the current account deficit remained at 1.2% of GDP, supported by the automotive industry, phosphate exports, reduced energy costs, travel revenues, and remittances from Moroccans living abroad. He highlighted that Bank Al-Maghrib's official reserves strengthened to over 375 billion dirhams, equivalent to nearly 5.5 months of imports. Mr. Jouahri then discussed the reforms and investments undertaken in Morocco under King Mohammed VI's leadership, aiming for economic growth, job creation, and infrastructure development. He stressed the need for public action to focus on resilience to shocks, enhancing agility, and maintaining macroeconomic balances through budget consolidation and pension reform. Mr. Jouahri concluded by emphasizing the importance of organizing and mobilizing all sectors of society to achieve the country's ambitious vision for the future.