Morning Brief December 31, 2020

FINANCIAL MARKET HEADLINES

| MOROCCO | MANAGEM | Annual update of the commercial paper issuance program

The AMMC has approved, on December 29th 2020, the annual update of the information prospectus related to the commercial pa-per issuance program launched by Managem. The program’s ceiling is set at MAD 1.0 Bn for a unit par value of MAD 100,000. Ma-turity ranges from 10 days to 12 months while the interest rate is fixed and determined for each issuance depending on market’s conditions.

 

ECONOMIC HEADLINES

| MOROCCO | GDP | The Moroccan economy fell by -7.2% in Q3 2020

According to the HCP, the Moroccan economy declined by -7.2% in Q3 2020. This is due to the -8.6% drop in the crop activity and -6.7% in the non-crop activities.

| MOROCCO | BANKING LOANS | An increase of 5% at the end of November 2020

At the end of November 2020, the net outstanding bank loans increased by 5.2% year-on-year to reach MAD 938.7 Bn.

Mortgage loans (MAD 281.7 Bn), equipment loans (MAD 182.5 Bn), and treasury loans (MAD 201.5 Bn) show respective increases of 2.1%, 1.5%, and 8.5%. Meanwhile, consumer loans recorded a decrease of -3.3% to MAD 54.6 Bn. Finally, non-profitable loans stood at MAD 80.2 Bn, up 14.7%.

| TUNISIA | KEY RATE | The BCT keeps the key rate unchanged at 6.25%

The Board of Directors of the Central Bank of Tunisia held on December 30th 2020, decided to keep the key interest rate un-changed at 6.25%.

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