Morning Brief june 28th, 2023

ECONOMIC HEADLINES
| MOROCCO | FOREIGN TRADE | Reduction in the trade deficit at the end of May 2023
At the end of May 2023, imports of goods and services amounted to MAD 309.4 Bn, up 5.0% y-o-y. Likewise, exports surged by 15.2% to MAD 260.2 Bn. To this end, the global trade deficit stood at MAD -49.1 Bn against MAD -68.8 Bn a year earlier. The over-all coverage rate rose by 7.4 pts to 84.1%.
Travel receipts settled at MAD 40.6 Bn at the of May 2023 against MAD 21.2 Bn a year earlier. Likewise, worker remittances rec-orded an increase of 14.9% to MAD 45.2 Bn while receipts from FDI displayed a decline of 11.9% to MAD 12.2 Bn.

| CEMAC | MONETARY POLICY | The BEAC kept unchanged its key rates
Following its monetary policy’s meeting held on June 26th 2023, the Bank of Central African States (BEAC) decided to keep un-changed the interest rate for tenders at 5.00%, the rate of the marginal lending facility at 6.75%, the rate of the deposit facility at 0.00% as well as the minimum reserve coefficients at 7.00% on due on demand and 4.50% on term payable.

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