Morning Brief june 16th, 2023

FINANCIAL MARKET HEADLINES
| MOROCCO | CSE | Investors’ profile in Q1 2023
According to AMMC figures related to investors’ profile within the stock market in Q1 2023, the volume traded on the central mar-ket was monopolized up to 40% by UCITS, 33% by Moroccan legal entities, 14% by foreign legal entities and 10% by Moroccan in-dividuals.

ECONOMIC HEADLINES
| MOROCCO | PUBLIC FINANCES | Figures at the end of May 2023
At the end of May 2023, Treasury ordinary revenue rose by 4.1% to MAD 123.3 Bn. This results from the increase of 4.8% in tax revenue to MAD 109.2 Bn and the decrease of 1.4% in non-tax revenue to MAD 12.4 Bn.
Overall expenses reached MAD 147.8 Bn up 11.8%, following the 4.4% increase in ordinary expenses to MAD 125.9 Bn and 16.4% in CAPEX to MAD 38.2 Bn. Note that subsidies expenses settled at MAD 14.2 Bn, down 14.4% y-o-y.

| BENIN | INFLATION | An inflation rate of 3.6% in May 2023
According to the National Institute of Statistics and Demography (INSTAD), Benin's Harmonized Consumer Prices Index rose by 1.2% in May 2023 compared to the previous month. Year-on-year, the inflation rate stands at 3.6%

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