Latest news with #BankAlMaghrib
Zawya
15-05-2025
- Business
- Zawya
Standard Chartered opens representative office in Morocco
Subject to regulatory approvals, Cynthia El Asmar appointed CEO and Head of Coverage Casablanca, Morocco – Standard Chartered today announced the opening of its new representative office in Morocco, further expanding its footprint across the Middle East and North Africa region. The launch follows the licence approval from Bank Al-Maghrib and the award of the Casablanca Finance City status by the Casablanca Finance City Authority. The representative office will be led by Cynthia El Asmar, who has been appointed CEO and Head of Coverage for Morrocco, subject to regulatory approvals. She brings extensive experience in client coverage across the region and will be responsible for driving the Bank's local strategy and deepening client relationships. This expansion underscores Standard Chartered's long-term commitment to the region and reflects its strategy of supporting clients in high-growth, internationally connected markets. Morocco's strong economic fundamentals and strategic location position it as an increasingly important destination for global trade and investment. Rola Abu Manneh, Chief Executive Officer, UAE, Middle East and Pakistan said: 'Our global network, sector expertise and financing capabilities mean that Standard Chartered is uniquely positioned to support Morocco's ambitious growth agenda. We would like to extend our sincere gratitude to Bank Al-Maghrib and the Casablanca Finance City Authority for their invaluable support in enabling the successful opening of our representative office. This launch reinforces our commitment to connecting clients to high-growth markets across continents and supporting regional economic development.' Cynthia El Asmar, CEO and Head of Coverage for Morocco added: 'Morocco's location positions it favourably as a bridge between Europe and Sub-Saharan Africa. Structural reforms continue to improve the country's capacity to attract FDI and enhance its overall competitiveness, leaving it well placed to benefit from any adjustment in trade flows or realignment in global supply chains. We are delighted to establish our office in Morocco and are ready to support our clients capture the many growth opportunities the country has to offer.' Standard Chartered's new representative office Morocco follows the launch of a fully-fledged banking operation in Egypt in early 2024 and Saudi Arabia in 2021. The office will enable Standard Chartered to broaden and deepen relationships with international businesses, particularly in the agro-industrial, automotive, aeronautics, and renewable energy sectors. Morocco is the sixth largest economy in Africa. Its economy expanded 3.2 percent in 2024 and GDP growth is expected to increase to around 3.7 percent over the next few years. This is supported by a new series of infrastructure projects and the continued implementation of the country's structural reform agenda. [1] Over the past decade, Standard Chartered has collaborated closely with the banking sector in Morocco, developing strong relationships with all major players. The representative office will serve as a platform to deepen those partnerships and deliver tailored banking solutions to multinational and regional clients. For further information, please contact: Wasim Benkhadra Head of Communications, UAE, ME & Pakistan and Africa Corporate & Investment Banking Communications Lead Standard Chartered About Standard Chartered We are a leading international banking group, with a presence in 53 of the world's most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges. For more stories and expert opinions please visit Insights at Follow Standard Chartered on X, LinkedIn, Instagram and Facebook. [1] April 2025: IMF 2025 ARTICLE IV.
Morocco World
03-03-2025
- Business
- Morocco World
Fitch Solutions: Moroccan Economy to Grow 5% in 2025 Despite Agricultural Headwinds
Doha – Morocco's economy is projected to accelerate to 5.0% growth in 2025, up from 3.3% in 2024, despite headwinds from a weak agricultural sector, according to a report published by Fitch Solutions on February 26. BMI, a Fitch Solutions company, has revised its previous forecast of 5.6% down to 5.0%, primarily due to 'emerging signs that agricultural production will fall below historical averages.' Nevertheless, the forecast remains 'notably optimistic' and continues to exceed the Focus Economics consensus of 3.9%. 'We project strong growth in the non-agricultural sector driven by solid investment, supported by Bank Al Maghrib's accommodative monetary policy and substantial FDI inflows, particularly in the autos, aerospace, and renewable energy sectors,' the report states. Investment is expected to be a pivotal driver of growth, sustained by ongoing rate cuts and robust foreign direct investment inflows. Bank Al Maghrib, Morocco's central bank, will maintain an accommodative monetary policy with 'an additional 25 basis point decline in the policy rate in 2025 after 50bps worth of cuts in 2024, bringing the policy rate to 2.25% by the end of year.' This monetary policy is expected to stimulate private investment by lowering borrowing costs, with bank lending rates at their lowest since Q1 2023, averaging 5.1% in Q4 2024. The report specifies that Morocco's strategic location, favorable operating environment, and infrastructure investments for the 2030 World Cup (co-hosted with Spain and Portugal) will continue to drive substantial foreign capital inflow, with net FDI having increased by 55.4% year-on-year in 2024. Household spending, tourism, trade Private consumption is forecasted to remain relatively robust in 2025 due to three main factors. First, the government's expansionary fiscal policy, which includes an 11.5% increase in expenditures on personnel and public-sector wages, will enhance household consumption. Second, low inflation, averaging 1.6% in 2025, will help maintain consumer purchasing power. Third, remittances growth is expected to remain steady given stronger growth in Europe, home to more than 80% of Moroccans living abroad. However, these positive factors will be constrained by sluggish growth in the agricultural sector, which employs almost 30% of the labor force. This is likely to keep the unemployment rate around its current level of 13.3%, limiting further gains in household income and purchasing power. The contribution of net exports to growth is anticipated to be near zero in 2025. While accelerating growth in Europe (from 1.3% in 2024 to 1.5% in 2025) and continued strong performance of the tourism sector will boost demand for Moroccan exports, this will be offset by rising agricultural imports and contained growth in agricultural exports. 'The tourism sector, supported by the hosting of the African Cup of Nations in December 2025 and stronger growth in Europe, the main geographical source of Morocco's tourists, will see the number of tourist arrivals rise from an estimated 16.8 million in 2024 to 17.8 million in 2025,' the report notes. The report also addresses potential risks, stating, 'While we remain bullish on Morocco's economic prospects, risks are predominantly on the downside.' These include an even weaker-than-expected agricultural season, which could impede growth by maintaining elevated unemployment rates and increasing import needs further. Geopolitical tensions, particularly between Israel and Iran, could drive up oil prices and exert inflationary pressures. Additionally, lower-than-expected growth in Europe resulting from US trade policies would reduce demand for Moroccan goods and services, especially automotive and textile exports. Regarding US trade policies, the report mentions that if the US administration expands the list of strategic goods subject to tariffs to target imports of semiconductors, the impact on Morocco would be limited since 'Morocco's semiconductors exports to the US are about 0.5% of its total nominal exports and equivalent to 0.2% of GDP.' Despite these challenges, the overall outlook for Morocco's economy in 2025 remains positive, with growth expected to accelerate significantly from 2024 levels, driven primarily by the non-agricultural sectors of the economy. Tags: Fitch SolutionsMoroccan Economy
