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  Monetary and financial situation (December 04-10, 2008)
Bank Al Maghrib's foreign assets down
During the Dec. 4-8 period, Bank Al Maghrib's foreign assets registered a slight decrease of MAD 193 million. The central bank's foreign currency reserves stood at MAD 183 billion, registering a fall of MAD 4.3 billion compared to December 2007.

  • Exchange rates

  • During the same period, the dirham depreciated 0.4% against the euro and appreciated 1.8% against the dollar.

  • Bank Al Maghrib injects MAD 19 billion

  • In the past week, Bank Al Maghrib (BAM) injected MAD 19 billion, at a 7-day advance with a rate of 3.50%, for a demanded amount of MAD 25.7 billion.

    The interest rate in the interbank market went down from 3.78% to 3.73%.

  • Inflation

  • In October, the cost of living index notched down 0.1% after a month-to-month rise of 0.5% the previous month, as a result of a fall of in fresh produce prices, mainly fish (7.5%) and fruit (1.4%).

  • MASI maintains falling trend

  • Casablanca sock market's MASI index registered a drop of 0.7% during the Dec. 4-10 period, compared to the previous week. It thus went down 16.1% since the beginning of the year.

    As to the volume of transactions, the daily average stood at 435.3 million, against 1.2 billion a week earlier.

  • Public finances

  • At the end of October, the situation of the treasury's charges and resources registered an excess of MAD 7.7 billion, compared to 6.6 billion in the same period last year. This improvement resulted from a rise of 25.6% in fiscal receipts.

    For their part, current expenses, standing at 127.4 billion, increased at a less rapid pace of 16.7%, despite the rise of compensation charges, which reached 27.2 billion.

  • Trade deficit reaches MAD 142.8 billion

  • Concerning the first ten months of 2008, the trade deficit rose by 28.1% to reach MAD 142.8 billion. The coverage rate registered a slight improvement, standing at 48.6% against 47.7% in 2007.

  • MRE transfers stagnate

  • The transfers of Moroccans living abroad (MRE) almost stagnated, as they did not exceed 46.2 billion. Travel receipts also fell 1.5%, standing at MAD 49 billion.

    Receipts of foreign investments and loans, for their part, rose to MAD 25.6 billion, while the corresponding expenses reached MAD 11.7 billion.

    Source: Bank Al Maghrib

      By CMC
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