Annual Report 2004 - bank al

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BANK AL-MAGHRIB
______
ANNUAL REPORT
PRESENTED TO HIS MAJESTY THE KING
_______
2004
GOVERNOR
Mr.
Abdellatif JOUAHRI
GOVERNMENT REPRESENTATIVE
Mr.
Abdeltif LOUDIYI
INSPECTORS
Mr.
Mohamed MAHROUG
Mr.
Brahim LISSER
BANK BOARD
The
Governor
Mr.
Aziz AKHENNOUCH
Mr.
André AZOULAY
Mr.
Mohamed BIJAAD
Mr.
Zouhair CHORFI
Mr.
Othman DEMNATI
Mr.
Mohamed Saad HASSAR
Mr.
Bouselham HILIA
June 2005
REPORT
On the financial year 2004 presented to
HIS MAJESTY THE KING
by Mr. Abdellatif JOUAHRI
Governor of the Bank Al-Maghrib
Your Majesty,
In application of article 64 of the dahir of 23 Hija 1378 (30 June 1959),
I have the honour to present to Your Majesty the report of the year 2004, the
fourty-six financial year of the Central Bank.
Your Majesty,
In 2004 the international environment was characterised by the depreciation of the dollar against the euro, the recovery of the stock markets as well as
the rise in oil prices. Under these conditions, world growth speeded up,
although it remained relatively moderate in Europe, Morocco's main trading
partner. This trend was accompanied by a renewed expansion in world trade
and moderate inflation, despite the appearance of some pressures which led
some central banks to raise their key rates. There was no further worsening of
the employment situation and in some countries it even improved.
At national level, growth continued at a sustained rate and was stimulated,
as in 2003, by domestic demand both for consumption and investment. Gross
domestic product indeed grew by 4.2%, reflecting a 1.9% increase in the value
added of primary activities and, in particular, a 4.7% expansion of that of the
other sectors. At the same time, the unemployment rate fell to 10.8% nationally
and 18.4% in urban areas. Inflation, at 1.5%, remained under control, with food
prices following a similar trend to those of other goods and services in the year
under review.
The financial situation was consolidated further thanks to the continuing
favourable trend in tourist earnings and remittances by Moroccans living
abroad, as well as flows of foreign investment resulting from the privatisations
in particular. The sale of 14.9% of the capital of Maroc Telecom on the Casablanca and Paris stock markets in fact brought in around 9 billion dirhams,
reducing the Treasury's financing requirement. These developments helped to
strengthen the external position and had an impact on monetary aggregates and
market liquidity.
With regard to the public finance, receipts showed a 6.6% increase, arising
from the proceeds of the various categories of taxes including, in the year under
review, customs duties. In parallel, expenditure, incurred as a result of the
BANK AL-MAGHRIB
- Annual Report - 2004
5
surge in oil prices, the Al Hoceima earthquake and the locust invasion, was driven up by 6.3%; this was more the result of the increase in operating and subsidisation expenditure and, to a lesser extent, equipment expenditure, while the
level of debt servicing remained virtually unchanged. Against this background,
the budget deficit reached 3.2% of GDP, slightly more than the 3% target set in
the Finance Act. Excluding privatisation receipts, however, the deficit amounted to 4.4% of GDP, which was lower than the 4.8% observed in 2003 and the
5.8% set by the 2004 Finance Act. The Treasury's financing requirement and
net payments in respect of the foreign debt were covered by recourse to the
capital market. In this regard, it should be stressed that, unlike the previous
year, there were no significant tensions on the market during 2004 and interest
rates generally followed a downward trend, allowing the Treasury to continue
to reduce its dependence on external finance.
Although the outstanding amount of direct debt increased slightly, the
Treasury's overall indebtedness, including Government guaranteed loans,
improved, declining from 80.4% of GDP in 2003 to 76.6% in 2004. In this
total, direct foreign debt and Government guaranteed debt represented almost
16% and 10% of GDP respectively.
At the level of external transactions, the trade balance worsened further in
2004, as a result of continuing unfavourable factors such as the rising price of
oil, the declining supplies of seafood and the keener foreign competition regarding a number of products in the context of an increasing opening up of the
economy. Imports in fact rose markedly, by 14.8%, both in terms of products
required for production, oil in particular, and consumer goods. Exports, on the
other hand, which declined by 2.9% in 2003, showed a small increase of 3%
overall, but apart from sales of phosphate ore and derivatives they actually stagnated. The trade deficit therefore widened by more than a third, representing
15.9% of GDP, while the rate of coverage of imports by exports fell from
61.6% to 55.3% in 2004. In view of the upswing in world trade, these trends
reflect losses in market shares.
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BANK AL-MAGHRIB
Despite its importance, the trade deficit was more than covered, owing to
the continued positive trend in tourist earnings and remittances by Moroccans
living abroad which, in the year under review, increased by 12.6% and 8.2%
respectively. The current account therefore again showed a surplus, of 2.2% of
GDP. Taking into account the privatisations and net payments of more than 10
billion dirhams in respect of the foreign debt, total transactions with the rest of
the world resulted in net foreign currency inflows of around 17 billion dirhams.
Available foreign exchange reserves therefore amounted to 144.8 billion
dirhams, the equivalent of 10 months' imports of goods and services.
The flow of foreign currency entailed, to a large extent, the overstepping
of the reference value for the growth in the monetary aggregates and the persistent surplus liquidity.
In this context of excessive liquidity, Bank Al-Maghrib readjusted the operational framework of monetary policy, in particular by introducing the 24-hour
deposit facility and weekly liquidity withdrawal operations on calls for tenders.
In the light of the moderation in price rises and demand for credit, Bank
Al-Maghrib encouraged the continued easing of interest rates, while keeping its
key rate unchanged. In fact, it mainly used the 24-hour deposit facility to regulate the money market, the equilibrium rate being close to the interest rate
applied to that facility and which is the lower limit of the band. As a result, the
interbank rate fell by 83 basis points, averaging 2.39% and thereby consolidating the downward movement in the general level of interest rates. In these circumstances, while seeking to maintain an adequate return on savings, the Bank
took a number of steps aimed at improving the way in which the impulses of
monetary policy are transmitted to debtor conditions, more especially those
applied to small and medium-sized enterprises (SMEs).
Thus, the Bank called on the banking system to improve the credit risk
assessment mechanism and the provision of financial information on enterprises, SMEs in particular, insisting that the latter should show greater transparency and provide minimum elements of information if they are to benefit from
the downward movement in interest rates.
BANK AL-MAGHRIB
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As for the monetary aggregates, the reference value for the money supply
in the narrow sense was set at between 6.5% and 7.5% at the start of the year,
bearing in mind a projected 3.8% growth rate in non-agricultural GDP and
inflation of not more than 2%. Year-end to year-end, however, these aggregates
grew at a higher rate, reaching 7.7% for M3 and 9.7% for M1. This overstepping reflects the ongoing conversion of portfolios resulting from the arbitrages
that continued to be made in a context of abundant liquidity and falling interest
rates, specifically in favour of sight accounts at the expense of time investments. It was the result in particular of the greater-than-expected strengthening
of net foreign assets of 13.6% ; there was a limited rise of 4.7% in domestic
lending, itself attributable to a 6.8% increase in lending to the private sector.
Most of this went to individuals in the form of real estate and consumer credit
and, to a lesser extent, to enterprises, especially those engaged in tertiary activities. Claims on Government, on the other hand, declined markedly in line with
expectations.
Owing to the movements of the main currencies included in the basket of
currencies, the exchange rate of the dirham showed, as an annual average, a
1.9% depreciation against the euro and an 8% appreciation against the dollar.
The dirham's effective exchange rate remained stable in nominal terms and
depreciated slightly in real terms.
On the capital market, 2004 was marked in particular by the flotation of
Maroc Telecom, which made a significant contribution to the major expansion,
of more than one third, in the volume of transactions and to the almost four
fifths increase in market capitalisation, which reached 47% of GDP, the MASI
index having risen by 14.7%. At the same time, the abundant liquidity and
declining interest rates brought about an appreciable increase in issues of negotiable debt securities, both public and private.
In addition to the ongoing dismantling of tariffs as required by the free
trade agreement with the European Union in particular, the process of opening
up the economy continued in 2004 with the signing of new agreements with the
United States, Turkey and a group of Arab countries. Parallel with this, new
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BANK AL-MAGHRIB
instruments were put in place to enable operators to use hedging against
exchange rates, interest rates and the prices of basic products fluctuation risks.
The broadly positive economic and financial performance achieved in
2004 consolidated the foundations for macroeconomic stability. It remains
however insufficient, in the light of the internal and external stakes and challenges facing Morocco in the medium term.
Economic growth is in fact still insufficient to meet expectations as
regards solving unemployment, poverty and exclusion problems. In this regard,
the National Initiative for Human Development launched by His Majesty the
King in his address on 18 May 2005 underlined the importance of the challenges associated with social shortfalls. Through orderly actions, this Initiative
will promote activities that create jobs and stable incomes, thereby strengthening social solidarity and cohesion.
If growth is to be accelerated, a more favourable environment both for
domestic and foreign investment will have to be established, and the necessary
reforms will have to be adopted more quickly, while ensuring that they are
consistent overall and implemented in an orderly manner. That would be the
way to make the economy more competitive, encourage a recovery in exports
and make Morocco an attractive platform for investment, thus benefiting from
its integration into the world economy.
If productivity is to be raised, the structural rigidities must be eliminated,
especially those arising from inadequacies in terms of governance and competition, and the reallocation of resources to sectors with potential for development
which offer comparative advantages must be encouraged. The ground lost in
the process of upgrading enterprises must also be made up as quickly as possible.
The equilibrium in public finance, and even the development of the financial situation as a whole, continues to depend on privatisation receipts. The
drying up of these exceptional resources in the near future calls for the quick
BANK AL-MAGHRIB
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rationalization of current expenditure, including at local level. This means getting the wage bill under control and restructuring the subsidisation mechanism
to achieve an efficient balance between the liberalisation of prices and the
constraints of competitiveness. Likewise, the implementation of tax reform,
also covering local finances, should be speeded up in order to generate the
resources to be allocated to the financing of the economic and social infrastructures and of the actions aimed at fighting poverty. This is all the more necessary
because the recapitalisation of certain public institutions and the securitisation
of liabilities to others will inevitably entail additional budget expenditure. In
that way, it will be possible to reduce the structural deficit to levels that will
make it easier to continue the process of easing the terms of financing and the
opening up of the economy.
By freeing credit and interest rates and offering operators concrete opportunities to make use of alternative financing, the monetary authorities have
created the right conditions for reducing the cost of intermediation and thereby
encouraged the easing of the financing terms which is a permanent objective of
Bank Al-Maghrib's action.
The intensification of competition and the fall in interest rates have
brought a further reduction in intermediation margins, the effect of which has
nevertheless been offset by other sources of income, and a reduction in the cost
of the credit risk, the banking sector as a whole having shown improved results.
However, the measures taken to redress the financial situation of the specialised
banks need to be consolidated so that these institutions can quickly comply
with the prudential rules, which will allow them to open up their capital to reference shareholders.
Furthermore, greater efficiency in the legal procedures for the recovery of
pending claims and convergence of the tax rules as regards the accountancy
standards governing the provisioning for such claims would enable the banks'
portfolios to be rehabilited more quickly. This is all the more urgent because the
sector needs to modernise and bring itself into line with international standards
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BANK AL-MAGHRIB
if it is to withstand foreign competition and support operators' access to external markets. Greater concentration in the banking sector, through economies of
scale, would constitute a great asset in this respect.
On the other hand, the financial situation of consumer credit companies
has also been weakened both by the level of credit risk and structural costs and
by the continued decline in the maximum agreed interest rate. In the light of
this, the studies on the methods of calculating the maximum agreed interest rate
and on the sector's restructuring must be completed as a matter of urgency.
Similarly, the process of reform of the insurance companies and pension
and provident institutions must be speeded up in order to improve their services
and thus help to develop savings. The consolidation of liquid investments into
long-term savings and their conversion into investments require better functioning markets and the provision of new products offering sufficiently attractive
incentives.
Against the background of an increasing opening up of the economy, Bank
Al-Maghrib has embarked on the reforms that will enable it to fully perform its
missions arising from its new Statutes and the Banking Bill. These measures
are aimed in particular at adapting the framework of monetary policy and providing the banking sector and payment systems with a suitably efficient basis.
The new Statutes have clarified and extended Bank Al-Maghrib's powers,
setting price stability as the priority objective of monetary policy and conferring to the Bank the necessary independence for the conduct of that policy. In
order to adapt the strategic framework, the Bank has sought to strengthen its
ability to analyse and forecast prices, to redefine its operational and intermediate targets and to improve the transmission of monetary policy decisions. The
Bank has also given itself an operational framework suited to the changing
liquidity position. The strengthening of the efficiency of that framework
through also the possibility which will be given to the Bank to issue its own
securities, requires the deepening of the money market and in particular of the
foreign exchange market.
BANK AL-MAGHRIB
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In exercising its mandate of ensuring that payment systems are secure and
work well, Bank Al-Maghrib is continuing to implement the action programme
for the gradual introduction of automated payment for securities at Kingdom
level and for all securities, for the dematerialisation of trade in securities and
the establishment of a system for the real time gross settlements. It has also
continued to urge the banking sector to play a greater part in the extension of
banking services and to develop electronic payment systems. At the same time,
credit institutions have been required to comply with minimum standards as
regards their duty of vigilance, especially in terms of knowledge of their customers, the law to prevent the laundering of funds of illegal origin and the funding of terrorism being in the course of approval.
For the purpose of extending the scope of supervision to certain non-banking financial institutions and to assume the new responsibilities conferred
upon it by the Banking Bill in the area of licensing and regulation, Bank AlMaghrib is seeking to bring the regulatory framework and control procedures
into line with international standards and to provide itself with mechanisms to
prevent banking crises.
The macro-prudential supervision of the financial system calls for coordination between supervisory authorities and joint efforts to ensure financial stability; this will enable the entire sector to take part effectively in financing
development and to contribute to meeting the challenge of the country's integration into the world economy.
Rabat, June 2005
Abdellatif JOUAHRI
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BANK AL-MAGHRIB
Main indicators of the economy(1)
Amounts in billions of dirhams
2002
2003
National accounts
- Gross domestic product at constant prices . . . . 148.0 156.1
. Agricultural GDP . . . . . . . . . . . . . . . . . . . . . . .
20.7
24.4
. Non-agricultural GDP . . . . . . . . . . . . . . . . . . . 127.3 131.7
- Gross domestic product at current prices . . . . 397.8 419.5
. Agricultural GDP . . . . . . . . . . . . . . . . . . . . . .
64.1
70.0
. Non-agricultural GDP . . . . . . . . . . . . . . . . . . 333.6 349.5
- Gross national disposable income . . . . . . . . . . 427.2 452.1
- National consumption . . . . . . . . . . . . . . . . . . . 320.6 335.8
- Gross fixed capital formation . . . . . . . . . . . . .
91.1 100.5
- Gross national savings . . . . . . . . . . . . . . . . . . . 106.6 116.3
Cost of living index (base 100 in 1989)(2) . . . . 164.6 164.6
- Foodstuffs........... . . . . . . . . . . . . . . . . . . . . . . . 166.3 166.3
- Non-alimentary products and services . . . . . . . 162.9 162.9
External accounts
- Total exports ................... . . . . . . . . . . . . . . .
86.4
83.9
- Total imports ..... . . . . . . . . . . . . . . . . . . . . . 130.4 136.1
- Balance of trade . . . . . . . . . . . . . . . . . . . . . . . -44.0 -52.2
- Balance of “Travel” . . . . . . . . . . . . . . . . . . . . . +24.3 +25.6
- Balance of current transfers ........ . . . . . . . . . . . +36.7 +39.2
- Current account balance . . . . . . . . . . . . . . . . . +16.3 +15.5
- Current account balance as % of GDP . . . . . . . + 4.1 + 3.6
- Total service of the foreign public debt . . . . . .
28.3
29.6
- Oustanding foreign public debt . . . . . . . . . . . . 142.3 126.0
- Foreign public debt as % of GDP . . . . . . . . . . .
35.8
30.1
Public finance
- Ordinary balance . . . . . . . . . . . . . . . . . . . . . . . + 8.4 + 11.8
- Investment expenditure . . . . . . . . . . . . . . . . . .
20.3
19.8
- Budget balance . . . . . . . . . . . . . . . . . . . . . . . - 17.1 -13.8
- Budget balance as % of GDP . . . . . . . . . . . . . .
- 4.3
- 3.3
Money
- Aggregate M1
. . . . . . . . . . . . . . . . . . . . . . . 229.1 251.1
- Money supply (M3) . . . . . . . . . . . . . . . . . . . . . 355.5 386.3
- Net foreign assets . . . . . . . . . . . . . . . . . . . . . . . 110.8 127.5
- Claims on Government . . . . . . . . . . . . . . . . . . .
80.7
78.5
- Claims on the private sector . . . . . . . . . . . . . . . 226.2 246.0
2004
Percentage changes
2003
2004
2002
2003
162.8
24.9
137.9
443.7
70.4
373.3
481.9
361.0
109.1
120.9
167.1
169.0
165.3
+ 5.5
+18.0
+ 3.5
+ 5.5
+ 9.1
+ 4.8
+ 5.8
+ 4.8
+10.3
+ 9.1
+ 1.2
+ 1.3
+ 1.0
+ 4.2
+ 1.9
+ 4.7
+ 5.8
+ 0.6
+ 6.8
+ 6.6
+ 7.5
+ 8.5
+ 4.0
+ 1.5
+ 1.6
+ 1.5
86.4
156.3
-69.9
+29.7
+43.1
+ 9.8
+ 2.2
22.7
115.2
26.1
- 2.9
+ 4.3
+18.6
+ 5.7
+ 6.9
- 6.4
-11.4
+ 3.0
+14.9
+34.0
+15.9
+ 9.9
-35.5
-8.6
+12.6
22.1
-14.3
- 3.2
+41.1 + 6.1
- 2.1 + 11.3
-18.9 + 3.6
-
275.5
416.2
144.8
72.4
262.7
+ 9.6
+ 8.7
+15.1
- 2.7
+ 8.7
-
-
+ 9.7
+ 7.7
+13.6
- 7.8
+ 6.8
(1) The changes and ratios were calculated on the basis of amounts in millions of dirhams.
(2) Annual average.
BANK AL-MAGHRIB
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INTERNATIONAL ENVIRONMENT
Global economic growth strengthened appreciably in 2004, reaching 5.1%
compared to the previous year's 4%. This trend was underpinned in particular
by the strength of demand in the United States and the emerging countries,
especially China. Growth in the euro area remained relatively restrained, despite an improvement on the previous year. At the same time, the volume of world
trade continued to grow rapidly. Inflation nevertheless remained subdued overall, a number of central banks having begun a process of monetary tightening
in the year under review. On the other hand, the consolidation of growth generally had a relatively limited effect on employment and was accompanied by
growing financial imbalances, especially in the United States. The dollar remained weak on international markets, while stock market indices continued their
upward trend, albeit at a less sustained rate.
In the United States, strong domestic demand and rising exports pushed
growth up from 3% in 2003 to 4.4% in 2004. On the other hand, the increase in
imports, fuelled by the rising price of oil, caused the trade deficit to widen by
more than one quarter. Unemployment, which had risen steadily over the previous five years, dipped from 6% to 5.5%. In this context and to forestall inflationary pressures, the Federal Reserve raised its key rate by one quarter point
on five occasions, taking it from 1% to 2.25%; this helped to keep the rise in
consumer prices down to 2.7%.
The European Union, which comprises twenty-five Member States since 1
May 2004, achieved growth of 2.5% compared to 1.2% in 2003. The ten new
member countries, Poland, Estonia, Hungary, Latvia, Lithuania, the Czech
Republic, Slovenia, Slovakia, Cyprus and Malta, recorded growth of 4.9% overall, largely the result of rising exports. Economic growth was 3.1% in the United Kingdom, but remained sluggish in the euro area, where it scarcely excee-
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ded 2%. More specifically, this figure masks GDP growth of 2.3% in France,
the result of relatively strong domestic demand, and 1.7% in Germany, owed
essentially to the country's sound export performance. The public finance situation in the euro area continued to be a cause for concern, with some countries
unable to comply with the 3% limit laid down by the Stability Pact, while inflation was slightly above target. In view of the weakness of growth and the high
level of unemployment, put at 8.8%, however, the European Central Bank kept
its key rate unchanged.
In Japan, economic growth improved markedly, reaching 2.6% compared
to 1.4% the previous year, the result of strong exports and a recovery in domestic demand. Unemployment therefore fell year-on-year, from 5.3% to 4.7%. In
order to support economic activity, the Bank of Japan continued its policy of
granting zero-rate liquidity which it had begun in September 2001, and prices
remained broadly stable after five consecutive years of deflation.
The newly industrialised Asian countries returned to a high rate of growth
as a result of a rebound in exports, in Singapore and South Korea in particular,
where GDP rose by 8.4% and 4.6% respectively compared to 1.4% and 3.1% in
2003.
In the Asian developing countries, activity continued to grow at a very
high rate, reaching 8.2% overall. In fact, China achieved a rate of growth of
9.5%, the result of expanding exports and a remarkable surge in investment,
especially foreign investment. It was, however, accompanied by a marked
increase in prices, reaching 3.9% compared to 1.2% in 2003; in response, the
People’s Bank of China raised its reference rates in October, for the first time
since 1995. Growth was also consolidated in other countries of the region, with
7.3% in India, 6.5% in Pakistan and 6.1% in Thailand and the Philippines.
The countries of Latin America, which benefited from the substantial rise
in raw materials prices and the favourable trend in external demand, saw growth at 5.7%, much higher than the previous year's level. It amounted to 9% in
Argentina, while Brazil and Mexico recorded rates of 5.2% and 4.4% respectively.
BANK AL-MAGHRIB
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In Africa, the countries of the Maghreb achieved overall growth of around
5%, compared to 6.1% in 2003. In fact, GDP increased by 5.3% and 4.2% respectively in Algeria and Morocco, compared to 6.9% and 5.2% in 2003, while
in Tunisia it grew by 5.8%, a rate similar to the previous year. Elsewhere on the
continent, the oil-producing countries recorded relatively high growth rates,
while the countries in crisis continued their marked slowing down. Activity in
South Africa grew by 3.7% compared to 2.8% in 2003 as a result of strengthening domestic demand.
In the region of the Middle East, growth, at 5.5%, held up well overall. In
Saudi Arabia and Iran, it reached 5.3% and 6.6%, while in Egypt and Syria, it
came to 4.1% and 3.4% respectively.
The Commonwealth of Independent States (CIS) again showed a substantial rise in GDP of 8.2%, reflecting the high levels of growth achieved by virtually all those countries. In Russia, growth reached 7.1%, the effect of strong
domestic and external demand. The economies of Central and Eastern Europe,
for their part, recorded an expansion of 6.1% overall, mainly the result of 8%
growth in Turkey.
In line with the sustained, broad-based growth, the volume of world trade
in goods and services increased by 9.9%, compared to 4.9% in 2003. Against a
backdrop of rising demand, oil prices rose by 30.7% over the year to reach an
annual average of 37.8 dollars a barrel. The prices of other basic products rose
by 18.8%, while those of manufactured goods were up by 8.8%. Due to the
large increase in prices, the value of world trade, totalling 11 069 billion dollars, of which 80.4% was accounted for by transactions in goods, rose by more
than 20% year-on-year.
This trade resulted in particular in a widening of the US current account
deficit, which, at 666 billion dollars, amounted to 5.7% of GDP. The surplus on
the current account of Japan's balance of payments, on the other hand, reached
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BANK AL-MAGHRIB
172 billion, while the countries of the Middle East, China and Russia produced
surpluses of 113 billion, 70 billion and 59.6 billion dollars respectively. The
euro area's current account surplus was 36 billion dollars.
In an environment marked by a recovery in activity but where the uncertainties associated with the large fluctuations in oil prices and the virtually
uninterrupted fall in the dollar had inevitable repercussions, the main international financial markets continued to perform well overall. Following the sharp
recovery observed in 2003, the main market indices rose further, albeit at a
much slower rate than the previous year. The Dow Jones index and the Nasdaq
showed a year-on-year increase of 3.2% and 8.6% respectively, compared to
25.3% and 50% in 2003, while the Paris stock exchange's CAC 40 index, the
British FTSE and the German Dax showed respective increases of 7.4%, 7.5%
and 7.3%, down from 16.1%, 13.6% and 37%. Similarly, the Japanese Nikkei
ended the year up 7.6% compared to 25% previously. Elsewhere, the financial
centres of the emerging countries, especially those of Central Europe and Latin
America, again performed well.
International bond issues amounted to 3 303 billion dollars in 2004, an
increase of 14.5% in a context of abundant liquidity and against a background
of persistently low long-term yields. Over 80% of the funds were raised by the
banks, with the euro compartment attracting 48% of issues compared to 45% in
2003, at the expense of the dollar compartment, which fell from 41% to 35%;
other currencies, in particular the yen and the pound sterling, did not exceed
17%.
At 186.4 billion dollars, net flows of private capital in the form of direct
investments received by the emerging and developing countries showed an
increase of 34.5 billion dollars or 22.7% in 2004 compared to 5.2% in 2003.
Net flows to the countries of Central Europe, which had declined by 40.6% a
year earlier, in fact rose by almost 46.4% to 22.1 billion. Similarly, the coun-
BANK AL-MAGHRIB
17
tries of Latin America received a total of 45.4 billion dollars in net investments,
an increase of 30.8% compared to a decline of 20.8% in 2003, while the emerging markets of Asia received net inflows of 87 billion, up by 23.2% compared
to 34.5% in 2003. Net contributions of capital to Africa amounted to 15.4 billion dollars, a rise of 5.5%.
Relatively less international assistance was sought in 2004. Drawings on
International Monetary Fund resources fell from SDR 21.2 billion to 5 billion
year-on-year. This significant drop, together with a decline in new credit lines
approved in 2004, is attributable to the improvement in the economic situation
and the balance of payments position of many emerging market economies,
especially Argentina, Brazil and Turkey. During the financial year to June end
2004, lending by the International Bank for Reconstruction and Development
stabilised at around 11 billion dollars; most of the loans were made to the countries of Latin America and the Caribbean and the countries of Europe and Central Asia. At the same time, the International Development Association reduced
its disbursements from 7 billion to 6.9 billion dollars. These benefited mainly
the countries of Sub-Saharan Africa and South Asia. On the other hand, the
amount of International Finance Corporation loans and participations increased
from 3 billion to 3.2 billion dollars.
On the foreign exchange markets, 2004 was characterised by the appreciation of the major currencies against the US dollar. The latter's continued downward adjustment against the euro and the pound sterling was substantial, except
for a brief period of recovery when the markets expected a monetary tightening
in the United States, which actually began in June.
In fact, the euro appreciated by almost 10% on average against the dollar
in 2004. It was even pushed above 1.36 dollar on 30 December, thus reaching
its highest level since its introduction in 1999. The European currency's appreciation was encouraged mainly by the high yields paid on assets in euros.
18
BANK AL-MAGHRIB
The pound sterling strengthened in 2004, by an average of 12.1% against
the dollar and 1.2% against the euro, largely as a result of the Bank of England
gradually raising its base rate - from 3.75% to 4.75% between February and
August - in response to inflationary pressures.
The Japanese yen, which fell by 2.5% on average against the euro, continued to rise against the dollar in 2004, by 7.2%, despite large-scale interventions by the Bank of Japan.
BANK AL-MAGHRIB
19
NATIONAL OUTPUT
NATIONAL OUTPUT
Growth, at 4.2%, was sustained in 2004, following a rate of 5.5% recorded
in 2003. In the year under review, it was the result mainly of the development
of non-agricultural activities, which increased by 4.7% overall, compared to
3.5% the previous year, and it reflects an acceleration in virtually all sectors.
This consolidated growth was fuelled by domestic demand, in particular household consumption expenditure and a positive trend in both public and private
investment(1).
Primary sector value added increased by 1.9% compared to 18% in 2003,
representing 15.3% of GDP. This trend masks growth in crop and livestock production and a decline in earnings from fisheries. Thus, the cereal harvest, estimated at 85 million quintals, was up by almost 8%, while those of pulse and
market garden crops showed increases of 3.9% and 5.1% respectively. Output
of citrus fruits, on the other hand, fell by 13.5% and that of sugar crops by
7.2%. Stock farming rose by 6.9% owing to the improvement of common grazing areas, while, for the third year running, the fisheries sector experienced a
decline - of nearly 8% - in catches owing to the extension of the biological dormancy period.
At the same time, secondary sector value added, which represented 29.6%
of gross domestic product, was up by 4.9% compared to 2.6% the previous
year. After the 5.7% fall the previous year, ore production recorded a 9.5% rise,
largely owing to the upturn in external demand for phosphate ore. Similarly,
output of energy, which fell by 1.2% in 2003, improved this year by 11.2% as a
result of the restoration of the SAMIR production capacity and higher demand
for electricity. Building and public works increased by 3.5%, underpinned by
ongoing basic infrastructure works and housing construction.
(1) See Statistical Appendices I-1 to I-4
20
BANK AL-MAGHRIB
- Annual
Report - 2004
NATIONAL OUTPUT
Manufacturing industry grew by 3% overall, although this masks divergent trends. Activity improved in the agri-foostuffs industries in particular,
which benefited from increased supplies from agricultural output. The chemical
and parachemical industries also saw growth, with exports performing well, as
did activities connected with building and public works. Conversely, the biggest declines were seen in the clothing and leather industries, which suffered
from the fall in exports.
The tertiary sector, including non-market services provided by general
government, which represented 55% of gross domestic product, showed a 4.5%
rise, to which all branches contributed. In particular, activities connected with
tourism recorded a marked increase, as evidenced by the 18% growth in overnight stays in classified hotels. Likewise, transport and communications were
up by 4.8% as a result of continued growth in telecommunications, which alone
reached 19% in the year under review, while trade rose by 5.7% compared with
4.2% in 2003. The value added of general government rose by 2.9%, which was
less than the previous year.
Valued at 443.7 billion dirhams at current prices, gross domestic product
grew by 5.8% compared to 5.5% in 2003. This trend masks an increase of 6.8%
in non-agricultural GDP, estimated at 373.3 billion, and a rise of 0.6% in agricultural GDP, which amounted to 70.4 billion dirhams.
BANK AL-MAGHRIB
- Annual
Report - 2004
21
NATIONAL OUTPUT
AGRICULTURE, STOCK FARMING AND FISHERIES
The agricultural sector continued to enjoy favourable weather conditions
and benefited from a positive trend overall for the fourth year in succession.
Following the 18% increase recorded a year ago, the value added of the primary sector grew by 1.9% in 2004; its share in gross domestic product was virtually unchanged at 15.3%(1). This improvement was found in both vegetable output, especially cereals and market garden products, and the stock farming sector. Fishing activity declined again.
Like the previous farming season, 2003-2004 was marked by sufficient
and abundant rainfall, which enabled an improvement of yields and an extension of cultivated areas. The rainwater collected from October to December
2003 allowed the autumn sowing to begin early in most farming regions, and
the February to May 2004 rains encouraged the growth of some crops. As in the
previous season, total national rainfall reached 419 mm; this also raised the
level of water held by dams for agricultural use, which were on average 63%
full compared to 53% a year earlier.
AGRICULTURE
To encourage the smooth running of the 2003-2004 farming season, the
public authorities continued to apply the measures taken in previous years to
support the rural population, in particular in terms of the supply of inputs to farmers and the granting of facilities by the Crédit Agricole du Maroc. They also
restored the subsidy on certified cereal seed, setting it at 45 dirhams per quintal
for soft wheat, 50 dirhams for durum wheat and 60 dirhams for barley. Owing
(1) See Statistical Appendices II-1 to II-15
22
BANK AL-MAGHRIB
NATIONAL OUTPUT
to the abundant rainfall, the cereal production guarantee system applied to
123 000 hectares in the year under review compared to 160 000 hectares the
previous season.
Similarly, in order to protect national production, customs duties on
imports of cereals were increased in June 2004, from 55% to 100% for soft
wheat and from 35% to 95% for durum wheat; this applied for the price bracket
of 1 000 dirhams per tonne or less, the higher bracket continuing to be subject
to the single rate of 2.5%
At the same time, the policy of gradually deregulating the agricultural sector was continued with the launching, in October 2004, of an international call
for tenders, open to both national and foreign investors, for the leasing of
56 500 hectares of public sector agricultural land out of a total of 117 300 hectares managed by the Agricultural Land Management Company (SOGETA) and
the Agricultural Development Company (SODEA).
Cereals and pulse crops
Output of the four main cereals, estimated at over 85 million quintals, was
up 7.9% compared to the previous season; this was the result of a 6.3% increase
in yields, the areas, some 5.6 million hectares, having changed little. At 35.2
million and 20.3 million quintals respectively, the soft wheat and durum wheat
harvests therefore increased by 3.9% and 15%, while the barley harvest,
amounting to 27.6 million quintals, was up by 5.4%. In addition, output of
maize was 60% higher at 2.2 million quintals.
The quantities of cereals sold on the local market by approved intermediaries between June and December 2004, almost all of it soft wheat, increased by
18.3% to 17.2 million quintals. At the same time, imports over the same period
rose by 11% to almost 19 million quintals; 39% of this was maize and 36% soft
wheat.
BANK AL-MAGHRIB
23
NATIONAL OUTPUT
Output of food pulses exceeded 2.4 million quintals, up 4% compared to
the previous season. This trend masks an increase in the bean and pea harvests
of 6% and 14.1% respectively and, conversely, a decline of 3.3% and 2.6% in
the output of lentils and chickpeas.
Market garden crops
Market garden output in the 2003-2004 season totalled 6.4 million tonnes;
this 5.1% rise in quantities was due mainly to the 20.8% increase in the early
fruit and vegetable harvest, estimated at 1.4 million tonnes. This benefited from
both the 7.8% expansion of cultivated areas and the 12.1% improvement in
yields of both tomatoes and miscellaneous fruit and vegetables, output of which
rose by 23.1% and 26.3% respectively.
Exports of early fruit and vegetables, totalling some 491 000 tonnes, were
up 23.5%, which is attributable to the 29% increase in shipments of miscellaneous vegetables and 18.5% in supplies of tomatoes. Tomato exports in fact
reached 220 600 tonnes as a result of the 15 000 tonnes rise in the export quota
to the European Union, respresenting 84% of the total exported.
Oleaginous crops
In view of the biennial nature of the harvest, the output of olives, picking
of which began at the end of 2004, fell by one half compared to the previous
season, to only 500 000 tonnes. At the same time, the quantity of olive oil
extracted was estimated at 50 000 tonnes compared to 100 000 tonnes the previous year.
Output of sunflowers was little more than 347 400 quintals, showing a
37.5% reduction resulting from the 44.6% decline in cultivated areas. Similarly,
the groundnut harvest was down by 8.2% as a result of a similar decline in
yields.
24
BANK AL-MAGHRIB
NATIONAL OUTPUT
Sugar crops
The heavy rainfall in the period from October to December 2003 disrupted
the start of the sugar beet season and resulted in an 8.3% reduction in areas to
just 59 353 hectares. Consequently, the sugar beet harvest, at around 3.2 million
tonnes, was down by 7% overall, following a reduction in output in the Doukkala, Tadla and Moulouya areas.
Sugar cane benefited from a 6.7% expansion in areas and a 9% increase in
producer prices, from 220 to 240 dirhams per tonne, since the previous season.
Output nevertheless fell by 8% to an estimated 872 000 tonnes, owing to a
reduction of nearly 14% in yields that affected every region.
In all, the quantities of sugar, 83.3% of which was extracted from sugar
beet, reached 508 196 tonnes in 2004, an increase of 4.4% compared to the previous year, which is attributable to an improved sugar content in all production
zones.
Fruit growing
Output of citrus fruits fell by 13.5% compared to the previous season,
amounting to only 1 138 000 tonnes. All varieties were affected by this reduction, which was the result of the biennial nature of crops, the water shortage in
the Souss region and bad weather during the last two months of 2003. Exports
of citrus fruits were therefore down by 10% at 435 000 tonnes owing to the
drop in sales of oranges, while shipments of clementines, estimated at 143 000
tonnes, were up by 3% in connection with the improvement in quality and the
reduction in supplies from competing countries.
The date harvest came to 70 000 tonnes, up 28% compared to the 20022003 season for which an increase of 62% was recorded.
BANK AL-MAGHRIB
25
NATIONAL OUTPUT
At 330 000 tonnes, the output of grapes was 3.5% lower compared to the
previous season; it consisted of 250 000 tonnes of table grapes and 80 000
tonnes of wine grapes, down 2.7% and 5.9% respectively.
STOCK FARMING
The stock farming sector showed fairly satisfactory results in 2004 thanks
to the improvement in common grazing areas and in the health of livestock as
well as to the regular supply of feedingstuffs to the market. Starting in May
2004, the public authorities in fact cut customs duties on imported maize from
35% to 17.5% for the bracket below 800 dirhams per tonne, the higher bracket
continuing to be subject to a rate of 2.5%. They also lifted the ban on imports
of cattle from Europe, which was imposed since 2000, while introducing stricter control measures.
According to the survey conducted by the Ministry of Agriculture in October and November 2004, the number of livestock reached 24.4 million heads,
an increase of 4.4% compared to the previous year; this total was made up of
67% sheep, 22% goats and 11% cattle. Output of white meat, estimated at
338 000 tonnes, was up by 5.6%, while that of eggs increased slightly to 3.3
billion units.
FISHERIES
In order to ensure the renewal of fish stocks, levels of which had been in
continuous decline for a number of years, the biological dormancy period was
increased from seven to eight months in 2004, resulting in a 1.2% decline in the
sector's total output, which was down to 892 172 tonnes. This trend is the result
of a 20.5% contraction in deep-sea fishing catches, which have fallen steadily
since the year 2000. The corresponding value, of over 4 billion dirhams, also
decreased by nearly 5%.
26
BANK AL-MAGHRIB
NATIONAL OUTPUT
Coastal fleet landings, estimated at 862 390 tonnes, were virtually unchanged from the previous year; this masks a drop of almost one fifth in catches of
cephalopods and an increase in other varieties, in particular white fish, crustaceans, molluscs and shellfish. The quantities of fish received by fish meal and
fish oil production units rose by 20% to 360 391 tonnes, 42% of total coastal
fishing catches. The volume of fresh fish supplied for consumption, on the
other hand, was only of 317 904 tonnes, down 8.2%. Finally, the canning industry processed 143 017 tonnes compared to 174 292 tonnes in 2003. Supplies
from deep-sea fishing fell by more than one fifth to 29 782 tonnes, reflecting
the 18% decline in output of cephalopods, specifically octopus.
Exports of fisheries products amounted to 270 500 tonnes, down by
almost one fifth compared to the previous year as a result of reduced sales of all
products, but especially of crustaceans, molluscs and shellfish, shipments of
which fell by almost one half. The corresponding earnings, at 7.1 billion
dirhams, were down by one quarter on the previous year.
BANK AL-MAGHRIB
27
NATIONAL OUTPUT
MINERALS
The year 2004 was marked by a consolidation in world economic growth,
as a result of which the prices of mineral products continued to rise. World
trade in phosphates and derivatives grew by 5.5% overall, thereby reversing the
downward trend observed over the previous five years. Trade in other mineral
products also increased appreciably owing to strong demand from the United
States and China, leading to higher prices.
In this context, Morocco's exports of mineral products reached 12.4 million tonnes, an increase of 4.6%, bringing in earnings of 4.8 billion dirhams;
this represents a rise of 14.8%, despite the depreciation of the dollar, the main
invoicing currency.
In all, the output of mineral products as given by the extraction index, showed an increase of 8.1%, owing mainly to phosphates(1).
Phosphates
Taking advantage of the favourable trend in world demand for phosphates
and derivatives, the Moroccan Phosphate Office (MPO) raised the output of
unprocessed ore by 10.9% to 25.4 million tonnes. Phosphate exports rose by
6.4% to 11.7 million tonnes; they were valued at 4 billion dirhams, an increase
of 15.4%. Of this, 21.2% were supplied to the United States, 14.2% to Spain
and 8.3% to India, with Mexico and Brazil each taking 7.9%.
The quantities of phosphates supplied to the Safi and Jorf Lasfar chemical
complexes amounted to 13.4 million tonnes, up by 11.6%. Value enhancement
activity resulted in an output of 3.3 million tonnes of phosphoric acid compared
to 2.9 million the previous year, and 2.4 million tonnes of fertiliser, down by
5.4%.
(1) See Statistical Appendices III-1 and III-2.
28
BANK AL-MAGHRIB
NATIONAL OUTPUT
Exports of phosphoric acid were up by 16.2% at 2.1 million tonnes, 830
000 tonnes of which were supplied to India, while shipments of fertiliser fell by
5.2% to only 2 million tonnes, 34% of which went to Brazil. At 10.4 billion
dirhams overall, earnings from these two products increased by almost a quarter.
In all, the export turnover of the MPO group amounted to 14.4 billion
dirhams, an increase of 21.4%.
Despite the competitive environment characterising world trade in phosphates, the group in fact managed to consolidate its position as the world's biggest exporter of all forms of phosphates, increasing its market share from
27.2% to 28.2% in 2004 as a result of an active commercial policy of safeguarding traditional outlets, developing partnerships with foreign operators and looking for new export opportunities. In the year under review, this strategy resulted in the conclusion of an agreement with a Pakistani group for the construction, as a joint venture, of a phosphoric acid production unit in Jorf Lasfar with
a capacity of 375 000 tonnes a year.
Other ores
Total output of mineral products other than phosphates exceeded one million tonnes in 2004, up 6.7% on the previous year; this was the result of an
upturn in extraction of fluorspar and especially of zinc following the opening
up of the polymetallic deposit in the region of Marrakech in the fourth quarter
of the year. Conversely, at 645 200 tonnes, exports of these ores were down
once again, by more than a fifth. Prices held up well, however, and the corresponding earnings improved by 11.6% to 822 million dirhams, two thirds of
them from metal ores.
BANK AL-MAGHRIB
29
NATIONAL OUTPUT
ENERGY
The upward trend in the prices of energy products observed previously
intensified in 2004. The average price of a barrel of crude in fact reached 37.8
dollars, an increase of 30.8%, and the price of a tonne of coal doubled to 54.7
dollars. However, the effect of these rises was mitigated by the depreciation of
the dollar. Imports of energy products, which cover more than nine tenths of the
national economy's requirements, rose by 5% to 12 million tonnes oil equivalent (TOE), two thirds of which were petroleum products. Under these circumstances, the energy bill increased by more than a fifth to a record amount of
26.1 billion dirhams, equal to 30% of earnings from the export of goods.
Final consumption of energy(1) was up by 4.5% to 11.1 million TOE,
consisting of 57.2% petroleum products, 36.8% electricity and 6% coal.
Against this, output of energy was estimated at 10.5 million TOE, up by
28.1% after a decline of 12.7% in 2003. This trend is explained by the restoration of the SAMIR production capacity following the fire in November 2002
and the increase in the output of electricity; recourse to imports of refined products remained limited.
Petroleum products
With the country's refining activity returning to normal, the quantities of
crude oil processed came to 6.2 million tonnes, an increase of 48.1% compared
to 2003; as a result, the volume of crude oil imports increased from 4.6 million
to 6.1 million tonnes. Conversely, purchases of gas oil and fuel oil were reduced substantially to 920 000 tonnes and those of liquefied gases fell by 4.3% to
1.2 million tonnes. All in all, purchases of hydrocarbons required expenditure
of 22.9 billion dirhams, a year-on-year increase of 19.4%.
(1) See Statistical Appendices III-3 to III-7.
30
BANK AL-MAGHRIB
NATIONAL OUTPUT
At the same time, exports of refined hydrocarbons, chiefly naphtha and
fuel oil, rose sharply both in terms of volume and value, reaching 958 600
tonnes and 1.8 billion dirhams respectively.
Total consumption of petroleum products amounted to 6.9 million tonnes,
an increase of 3.1%. Gas oil, which accounted for 47% of that amount, was up
by 2.8%, while the share of petrol remained unchanged. Fuel oil and liquefied
gases rose by 3.8% and 5.4% respectively.
In order to bolster industrial competitiveness and protect households' purchasing power, the State passed on only a small part of the rise in international
prices. Domestic price increases, put into effect in August 2004, were contained
within a range of only 2.9% to 3.5%; the prices of fuel oil and butane gas were
left unchanged, while the average price of a tonne of imported oil rose by
19.3% year-on-year.
Electricity
Estimated at 15.7 billion kWh, national demand for electricity showed a
rise of nearly 8%, similar to the previous year. The continued growth in the rate
of electricity consumption is attributable to strong demand from industrial users
following the reduction in high and medium voltage electricity tariffs in January 2004. It is the result in particular of the accelerated programme aimed at total
rural electrification. This brought the number of rural households connected to
the national grid to 1.2 million in 2004, an electrification rate of 72%.
On the other hand, the total supply of electricity came to almost 18 billion
kWh, an increase of 7% compared to 8% the previous year. Output on a concession basis accounted for 56.2% of this and the National Electricity Office provided 35.3%, while imports of power are put at 1.5 billion kWh.
Nine tenths of local output was provided by thermal power stations, which
used 4.8 million tonnes of coal and 574 000 tonnes of fuel oil for the purpose,
increases of 9% and 8.5% respectively. Output of hydroelectric power amoun-
BANK AL-MAGHRIB
31
NATIONAL OUTPUT
ted to 1.6 billion kWh, an increase of 11.1%, helped by good rainfall, while the
contribution of wind farms remained small at 200 million kWh.
The National Electricity Office's investments during 2004 totalled 4.2 billion dirhams, an increase of 23%, which was spent mainly on completing the
fitting out of the Tahaddart power station and the Afourer energy transfer pumping station with capacities of 387 MW and 463 MW respectively. The Office
also adopted a 30 billion dirham investment programme for the period 20052010 to further expand generating capacity and strengthen power transmission
networks and interconnections with neighbouring countries.
As far as oil is concerned, the public authorities adopted a new strategy
aimed at increasing production and storage capacities and extending the distribution network. In this connection, the State signed an agreement with SAMIR
at the end of the year, under the terms of which SAMIR will undertake a 6 billion dirham investment programme over the next three years to upgrade the
refinery's installations in order to meet international quality standards and make
the production units safer. Similarly, the National Hydrocarbons and Minerals
Office concluded two new oil prospecting agreements with foreign companies,
bringing the total number of companies currently operating in Morocco to 15.
32
BANK AL-MAGHRIB
NATIONAL OUTPUT
MANUFACTURING INDUSTRY
The industrial sector grew by 3.1% in 2004, compared to 3.5% the previous
year , accounting for 17.5% of GDP. This overall trend was the result, in particular, of the good results produced by manufacturing industry, underpinned by
the consolidation in domestic demand. The export-oriented industries, on the
other hand, suffered from keen competition, especially from Asian products,
affecting the textiles and clothing branch in particular.
(1)
Groups of
industrial sectors
Weighting
%
Percentage changes of
industrial output indices
2002
2003
2004
249
+ 1.9
+ 3.7
+5.3
223
-0.7
- 3.7
-0.5
218
+ 5.4
+ 4.9
+2.7
- Food, beverages and
tobacco industries .............
- Textiles, clothing and
leather ...............................
- Chemical and
parachemical ....................
- Mechanical, metallurgical,
electrical and electronic
industries ...........................
- Building materials and
wood processing................
181
+ 3.5
+ 5.8
+1.9
129
+ 5.6
+ 8.6
+5.3
Overall index ...................
1 000
+ 2.9
+ 3.5
+3.1
Food, beverages and tobacco industries
The agri-foodstuffs industries, which employ 24% of the total industrial
workforce and contribute 33% to output and 21% to exports, recorded growth of
5.3% in the year under review, faster than the 3.7% observed a year earlier. This
trend, which is the result of stronger domestic demand benefiting virtually all
branches, was also bolstered by two successive good agricultural seasons.
____________________
(1) See Statistical Appendix IV-1.
BANK AL-MAGHRIB
33
NATIONAL OUTPUT
Dairy products and edible oils thus showed increases of 15.1% and 14.4%
respectively. In addition, output of sugar rose by 6.6% owing to the greater sugar
content of sugar beet and sugar cane. The fish-canning and beverages industries
grew by 6.9% and 14.5% respectively. Lastly, the activity of the industrial flourmills, which had been in decline for the last two years, produced a small rise of
1.3%.
Textile, clothing and leather industries
The textile, clothing and leather industries provide more than 222 000 jobs,
or 46.7% of the total industrial workforce, and account for around one third of
export earnings. Following a 3.7% decline in 2003, these industries recorded a
further drop, of 0.5%, although this figure masks divergent trends at branch
level. In particular, the knitwear and ready-made clothing branches, which are
dependent on exports, fell by 8.6% and 2.5% respectively owing to the decline
in exports to the European market, where competition, especially from China
and Turkey, is fierce.
Similarly, the leather and footwear industry showed a decline of 5.5%,
which was due to a fall of around 12% in the output of leather footwear and a
4.5% drop in that of leather goods. Conversely, ready-made underwear, shirt and
blouse production was up by 5.4%, while output of wool and cotton increased by
1.8% and 2.7% respectively.
Chemical and parachemical industries
Activity in this sector rose by 2.7% compared to 4.9% in 2003. This deceleration was due in particular to the decline in the manufacture of pharmaceutical products, tyres and plastics articles.
Stimulated by the growth in global demand for derivatives, phosphate processing activity expanded by 11.1% over the year. This trend masks an increase
in the output of phosphoric acid, from 2.9 million to 3.3 million tonnes, and a
decline in that of fertiliser, from 2.5 million to 2.4 million tonnes.
34
BANK AL-MAGHRIB
NATIONAL OUTPUT
At the same time, the output of paints increased by nearly 13% on the back
of a buoyant building sector. Printing and publishing was up by 6%, while paper
and board grew less rapidly than the year before owing to a decline in orders
from citrus fruit and canned produce exporters.
Tyre manufacturing fell by 7% as a result of lower local demand, while
output of miscellaneous rubber products rose 8.8% owing to the significant
increase in supplies of conveyor belts to the Moroccan Phosphate Office. Output
of plastics articles remained stable.
Engineering, metallurgical,
electrical and electronic industries
A marked slowdown was recorded by this group of industries, reflected by
the output index, which rose by only 1.9% compared to 5.8% in 2003. Almost
all branches were affected, especially the metalworking products and plant and
machinery industries and, to a lesser extent, electrical and electronic equipment.
Transport equipment, on the other hand, showed a marked recovery after remaining broadly unchanged a year earlier.
The metalworking products branch, which is the largest in this compartment recorded a modest 2% increase, masking growth in agricultural machinery
and equipment, mining equipment and specialised industrial equipment and a
major decline in the output of structural metalworking and woodworking machinery.
Despite the drop in exports of wires, cables and electronic components, the
electrical and electronic equipment industry grew by 1.8%, driven by higher
local demand from the energy, building and telecommunications sectors.
So far as transport equipment is concerned, activity improved by 4% overall following two successive years of decline. This general trend is explained by
the growth of 5.1% and 4.6% respectively in the assembly of private cars and
BANK AL-MAGHRIB
35
NATIONAL OUTPUT
commercial vehicles notwithstanding the 27% rise in imports. The latter accounted for two thirds of total sales, estimated at 54 928 units. Construction of railway equipment, on the other hand, fell by 7.6%.
Among the other metallurgical industries, the metal packaging manufacture
and electrical equipment assembly branches grew by 9.5% and 7.8%
respectively.
Building materials
The strength of the building and public works sector resulted in the building materials and timber branch growing by 5.3% after a rise of 8.6% observed
the previous year. Output of cement was up by 5.6% in line with an increase of
the same order in sales, which rose to 9.8 million tonnes. Prices in this sector
were higher as a result of the rising costs of imported raw materials and, to a lesser extent, the increase in the special tax on sales of cement from 50 dirhams to
100 dirhams per tonne.
TOURISM
After recording uneven results over the last three years, world tourist activity was buoyant in 2004, thanks in particular to higher economic growth and
the easing of geopolitical tensions. In all, the number of tourists in the world,
amounting to 760 million, increased by 10% ; this was accompanied by an
appreciable rise in intra-regional tourism and a redistribution of the flow in
favour of the countries of Asia and America. Europe, with 414 million tourists,
saw only a 4% increase and its share out of the total fell from 57.7% to 54.5%.
The Asia-Pacific region, on the other hand, increased its market share from
17.2% to 20.1%, receiving 153 million tourists, a rise of 29% after the 9.3%
decline observed in 2003. The American continent received 124 million visitors,
accounting for 16.3% of the total. Similarly, arrivals in the countries of the
Middle East rose by 20% compared to the previous year to reach 35 million,
while the flow to Africa was up by 7% at 33 million.
36
BANK AL-MAGHRIB
NATIONAL OUTPUT
In this favourable economic climate, national tourist activity showed a marked improvement, as evidenced by the trends in the main indicators for the sector. At 5.8 million, the number of visitors was in fact up by 15%, which is attributable to an increase of almost a quarter in the number of European tourists and
a 9% rise in arrivals of Moroccans living abroad. In addition, the number of
overnight stays recorded by classified hotels increased by 18% and the occupancy rate by 10.3%. Earnings from travel rose by 12.6% to 34.8 billion dirhams,
representing 17.8% of current balance of payments receipts.
These satisfactory results confirm the rising trend observed in the tourism
sector during the last two years based on measures taken by the public authorities and the industry as part of the new strategy that aims to receive 10 million
visitors by the year 2010. As a result, the tourist infrastructure was strengthened
in 2004 with the addition of nearly 10 000 beds, two thirds of them in Marrakech, the total accommodation capacity reaching a total of 119 406 beds, shared
among 659 classified hotels. At the same time, the hotel upgrading programme
covered thirteen units and involved an outlay of 207 million dirhams, including
78 million dirhams granted by the RENOVOTEL financing mechanism.
At the same time, the National Tourism Office's budget was again increased, from 250 million to 350 million dirhams, in order to strengthen its role in
promoting the national tourist product abroad. This body's activities were specifically geared to the French, German, British, Spanish and Italian markets, targeting both foreign tourists and Moroccans living in those countries. In order to
promote local potential, three new tourism centres were created in Rabat, Tangiers and Fès, bringing the number of regional centres to six. Similarly, a Tourism Observatory was set up in January 2005; its main tasks consist of the collection, analysis and publication of comprehensive information on tourist activity and the assessment of the degree of competitiveness of specific destinations.
In terms of vocational training, 4 129 students were enrolled at hotel schools for
the 2004-2005 academic year, an increase of 21%.
Within the framework of the policy for the gradual liberalisation of air
transport, eleven airlines now provide direct flights to Moroccan tourist towns
BANK AL-MAGHRIB
37
NATIONAL OUTPUT
and cities from the main foreign markets. In parallel with this opening up to the
outside world, the national airline Royal Air Maroc has created a subsidiary,
"Atlas Blue", specialising in charter flights. It has also purchased two new aircraft as part of the programme aimed at modernising and expanding its fleet.
Tourist flows(1)
During 2004, the number of foreign visitors rose by nearly 21% to 3 million, more than 2.7 million of them as stay tourists. This satisfactory trend was
found among all nationalities in the year under review. Arrivals of Moroccans
living abroad increased by 9% to 2.8 million; as usual, more than half of them
came in July and August.
The number of European visitors rose by a quarter to 2.3 million, representing 40.7% of the total tourist flow. Arrivals of French citizens totalled 1.2 million, an increase of 27.4%, accounting for half the overall rise in the number of
visitors. Similarly, the flow from Spain exceeded 333 000 persons, a rise of more
than 44%, consolidating the upward trend of the last few years. At the same
time, the number of British tourists came to 169 152, up by 26.2%, thus diverging from a trend which had produced uneven results since 2001. Arrivals of
German and Italian tourists, at 146 269 and 112 807 persons respectively, were
up by almost 13%, breaking with the downward trend observed over the last few
years. The same pattern was found among citizens from countries on the American continent, whose numbers were up by 18.6% to around 128 000. Finally,
visitors of Maghreb origin and those from the countries of the Middle East showed respective increases of 11.9% and 8.4%, but their share of the total flow
remains small at little more than 2.7%.
The breakdown of tourist flows by means of transport shows the predominance of air and sea travel, which account for 46.2% and 40.3% of arrivals respectively, compared to 13.5% opting for overland routes.
____________________
(1) See Statistical Appendix V-1.
38
BANK AL-MAGHRIB
NATIONAL OUTPUT
Hotel activity
The rapid expansion in tourist activity in 2004 is also confirmed by the
trend in overnight stays in classified hotels, which increased by 18% to 13.2 million compared to the previous year. This improvement is due mainly to the 21%
increase in overnight stays by foreign tourists, which totalled 10.3 million, half
of them by French citizens. Overnight stays relating to domestic tourism, which
again benefited from the Kounouz Biladi campaign, amounted to 2.9 million, an
increase of 7.5% compared to 8% recorded the previous year. The regional
breakdown of total overnight stays reveals that the towns of Marrakech and
Agadir each had 4.1 million, an increase of 27% and 20% respectively on the
previous year. Overnight stays in Casablanca were up 11% at more than 1 million, while the cities of Fès and Tangiers showed increases of 21% and 7% respectively. The average length of stay was 7 nights, having remained virtually
unchanged over the last three years. On the other hand, the average occupancy
rate of classified hotels rose by 4 percentage points compared to the previous
year, to 43%, with higher rates in Marrakech and the towns of the Atlantic coast
but much lower ones elsewhere.
The year 2004 was also marked by the continuation of the programme to
develop seaside resorts provided for in the "Azur" plan backed by local authorities’investment programmes. Under concessions to develop these sites, two
agreements were concluded with foreign operators for the addition of 15 000
beds in Larache and another 16 000 shared equally between El Jadida and
Essaouira.
BANK AL-MAGHRIB
39
DEMANDE
DEMAND
At 472.1 billion dirhams, residents' final demand rose by 8.1% compared
to 6.3% the previous year, showing, in relation to gross domestic product, a
deficit in resources of 28.4 billion dirhams, or 6.4% compared to 4.2% in 2003.
Imports of non-factor goods and services rose by 15.9% to 155.8 billion, owing
mainly to increased purchases of commodities, especially energy products,
semi-manufactures and capital goods. Exports, on the other hand, amounting to
127.3 billion, were up by 8.8% compared to 1.6% in 2003. This acceleration is
mainly attributable to services, since exports of commodities were only slightly
higher (1).
Consumption
National final consumption, estimated at 361 billion dirhams, represented
81.4% of GDP and rose by 7.5% compared to 4.8% the previous year. Household expenditure on goods and services increased by 8.2% compared to 3% in
2003, mainly because incomes in rural areas held up well and the salaries of
certain categories of civil servants had been raised. Consumption of non-market
services provided by general government was up by 5.6% compared to 10.2%
the previous year.
Investment
Taking into account an increase in stocks of more than 2 billion, investment reached 111.1 billion dirhams, up by 9.9%. Gross fixed capital formation
recorded an increase of 8.5% after a rise of 10.3% observed in 2003, resulting
in an investment ratio of 24.6%, close to the previous year's figure. Acquisitions of plant and equipment, which accounted for 53% of GFCF, showed an
(1) See Statistical Appendices I-5 to I-7.
40
BANK AL-MAGHRIB
- Rapport - Exercice 2004
DEMAND
expansion of 10.3% compared to that of 14.9% in 2003, reflecting the investment effort made in most sectors, especially industry, building and public
works and tourism.
Changes in %
Gross fixed
capital formation
in millions of dirhams
2001
2002
2003
2004
Plant and equipment . .
Building . . . . . . . . . . .
Public works . . . . . . . .
Development and
plantations . . . . . . . . .
40 154
24 469
16 861
45 650
24 971
16 550
52 452
28 796
15 171
57 854
30 807
16 229
+ 14.9
+ 15.3
- 8.3
+10.3
+7.0
+7.0
2 729
2 761
2 832
2 866
+ 2.6
+1.2
Livestock . . . . . . . . . .
1 162
1 210
1 252
1 327
+ 3.5
+6.0
Gross fixed capital
formation (GFCF) . .
85 375
91 142 100 498 109 083
+ 10.3
+8.5
GFCF/GDP (in %) . .
22.3
22.9
24.0
24.6
2003
2002
2004
2003
-
The building sector benefited from the continuation of housing construction, recording a rise of 7% compared to an increase of 15.3% a year earlier.
Public works, down by 8.3% in 2003, showed a 7% improvement in the year
under review. This was achieved in connection with the speeding up not only of
the motorway construction programme but also of the work required for the
extension of the railway network and the airport and port infrastructures. The
port extension programme, covering the period 2003-2007 and designed to
keep pace with the growth in port traffic, continued in the year under review. In
the light of the decision to raise the pace of construction of the motorway network from 50 to 100 kilometres a year, the building work relating to the SettatMarrakech and Marrakech-Agadir motorways began in 2004 as well as the link
between the Tangiers-Mediterranean port complex and the motorway network.
In the field of transport, the National Railway Office purchased and commissioned 24 double-deck motor train sets and doubled the Casa-Fès and Sidi
BANK AL-MAGHRIB
41
DEMAND
El Aidi-Settat railway lines as part of its 2004-2007 investment programme.
Likewise, the national airline Royal Air Maroc acquired two new aircraft,
continuing its fleet modernisation plan.
In 2004, the National Electricity Office completed the work of fitting out
the Tahaddart power station and the Afourer energy transfer pumping station.
National saving
Taking into account incomes and net transfers received from abroad, totalling 38.3 billion, disposable gross national income increased by 6.6% to almost
482 billion dirhams. Gross national saving therefore came to 120.9 billion
dirhams, an increase of 4% compared to that of 9.1% in 2003, thus representing
25.1% of disposable gross national income. It was therefore possible to cover
the whole of investment expenditure and to produce a financing capacity of 9.8
billion dirhams, the equivalent of 2.2% of GDP.
42
BANK AL-MAGHRIB
DEMAND AND PRICES
PRICES
In an economic context marked by continued sustained growth but with
imported oil becoming more expensive, inflation remained generally subdued.
The rise in consumer prices as expressed by the cost of living index was no
more than 1.5%, compared to 1.2% in 2003. In the year under review, this overall change reflects similar trends in the prices of foodstuffs and of other goods
and services(1).
This low rate of inflation is explained by the plentiful supply of agricultural products and the moderate level of producer prices prevailing in most of
manufacturing industry despite the raising of the statutory minimum wage in
the middle of the year. The Subsidisation Fund also intervened to contain the
effects of the rise in oil prices on consumer prices ; domestic tariffs for petroleum products were not raised until August and then only by a small amount.
The development of prices observed in 2004 confirms the trend recorded
over the last few years, which is also due to the contribution of monetary policy, the stability of the exchange rate and the development of competition in a
context marked by the gradual dismantling of customs duties.
The rise in consumer prices was again smaller in Morocco compared both
with the euro area, where inflation averaged 2.2%, and some of our competitors, Tunisia and Turkey in particular, where prices rose by 3.6% and 10.6%
respectively.
Cost of living index
The movement of the cost of living index during 2004 was marked by a
slight increase from January to May followed by a dip in June and July, the
result in particular of the increased supply of agricultural products. The upward
movement resumed in August and continued until October owing to the usual
(1) See Statistical Appendices VI-1 and VI-2.
BANK AL-MAGHRIB
43
PRICES
summer pressures on prices and the strengthening of consumer demand in the
month of Ramadan. Finally, the index turned downwards again in November
and especially December, chiefly because of the significant drop in the prices
of certain foodstuffs, fresh fruit, dairy products and meat in particular.
Groups of products
Weighting
(in %)
Percentage changes in average
cost of living
2002
Foodstuffs.............................
of which : Meat ...................
Fresh vegetables
Dry vegetables .....
Fresh fruit ........
Non-alimentary products
and services ........................
-Clothing ...........................
- Housing...........................
- Household equipement
- Medical care ...................
- Transport and
communications...............
- Leisure and culture ...........
- Other goods and services
Overall index ...................
2003
2004
44.82
11.90
4.84
0.63
1.96
+ 4.3
+ 7.0
+15.2
- 0.9
+ 4.4
+ 1.3
+ 3.8
+ 0.5
-13.3
-3.2
+ 1.6
+ 3.1
- 4.9
+ 2.8
+11.0
55.18
6.34
14.19
5.0
5.44
+ 1.6
+ 1.7
+ 1.5
+ 0.6
+ 1.1
+ 1.0
+ 0.8
+ 1.2
+ 0.4
+ 1.8
+ 1.5
+ 1.0
+ 1.7
+ 0.6
+ 1.8
7.79
5.67
10.76
+ 0.6
+ 3.3
+ 2.2
+ 0.2
+ 2.0
+ 1.1
+ 0.9
+ 2.6
+ 1.5
+ 2.8
+ 1.2
+ 1.5
100
Food prices, the movement of which goes a long way towards explaining
the fluctuations in the general cost of living index, rose at a rate of 1.6% in the
year under review, although this masks divergent trends. Prices of fresh fruit
increased by 11% and those of meat by 3.1%. Similarly, tobacco tariffs, which
were raised twice in 2004, were up by 6.4%. Prices of fresh vegetables, on the
other hand, fell by 4.9% and those of fats and dairy products declined by 1.8%
and 1.2% respectively.
The index of non-food products for its part showed an increase of 1.5%,
close to the average for the last five years. Prices relating to leisure and cultural
pursuits showed the largest rise with 2.6% compared to 2% the previous year ;
this figure includes a 3.7% rise in the cost of education and 1.8% in entertainment-related costs. Transport and communication charges rose by 0.9%, reflecting the 1.4% rise in communication charges and the 3% increase in the domes-
44
BANK AL-MAGHRIB
PRICES
tic prices of certain petroleum products imposed in August. At the same time,
the index for housing rose 1.7% compared to 1.2%, the result mainly of higher
rents and housing-related costs. Prices for medical care rose by 1.8%, the same
rate as the previous year.
Index of producer prices in manufacturing industry
The index of producer prices in manufacturing industry, calculated on the
basis of ex-works prices and recorded exclusive of taxes and subsidies, showed
a rise of 5% compared to 1.3% the previous year and an average annual rate of
1.9% over the previous four years. More than half of this increase is attributable
to the 14.8% rise in the oil-refining branch, the result of rising international oil
prices.
If oil refining is excluded, producer prices in manufacturing industry rose
by 3%; much of the increase is the result of the 13.5% rise in prices in the chemical industry, most of whose products are exported.
Apart from the branches manufacturing electrical machinery and
appliances, which saw a rise of 7.3%, and metallurgy, where prices rose by 7%
as a result of dearer inputs, producer prices in the other branches rose only
slightly and in some cases actually fell.
BANK AL-MAGHRIB
45
PRICES
Groups of products
Manufacturing industries
excluding oil refining .......
of which :
Food industries ....... .........
Chemical industries ..........
Textile industry ..................
Clothing industry .......... ...
Oil refining .......................
Overall index .....................
Percentage changes in average
indices of industrial producer
Weighting
prices
(in %)
2002
2003
86.7
+ 0.6
+ 1.0
+ 3.0
28.9
13.1
6.5
6.7
13.3
+ 2.8
- 1.9
+ 0.6
- 0.2
- 9.7
+ 2.1
+ 1.3
- 0.4
+ 0.2
+ 3.3
+ 1.7
+ 13.5
- 0.4
+ 14.8
-1.2
+ 1.3
+5.0
100
2004
In the food industries, which continued to enjoy an adequate supply of
agricultural products, prices in fact rose by 1.7% compared to 2.1% in 2003,
while those in the woodworking branch increased by 2.8%. In the textile industry, where the raising of the statutory minimum wage was delayed, producer
prices actually fell by 0.4% for the second year in succession, while remaining
virtually unchanged in the clothing and leather industries and in motor vehicle
assembly.
46
BANK AL-MAGHRIB
POPULATION AND EMPLOYMENT
POPULATION
The first results of the September 2004 census show the official population of Morocco to be 29.9 million inhabitants, including 51 435 aliens. In the
inter-census period 1994-2004, the total population therefore increased by
3 817 984 persons, which represents an average annual population growth of
1.4% compared to 2.1% between 1982 and 1994. The origin of this slowdown
lies in the continuing decline in the birth rate, from 5.5 children per woman in
1982 to 3.3 children in 1994 and then 2.5 children in 2002; this is due in particular to the more widespread use of contraceptives and a rise in the average age
at which women first marry, from 25.8 years in 1994 to 27.4 years in 2000,
while the corresponding age for men rose from 30 to 31.9 years.
The number of households rose from 4.4 million in 1994 to 5.7 million in
2004, an increase of 27.5%. On the other hand, the average number of persons
per household fell from 5.9 to 5.3, with 6 persons per household in rural areas
and 4.8 persons in urban areas.
Residence area
Official population
Annual average growth rate
number
1994
2004
1971-1982 1982-1994 1994-2004
Urban ..................................
13 407 835 16 463 634
%
+ 4.4
%
+ 3.6
%
+ 2.1
Rural ...................................
12 665 882 13 428 074
+1.5
+ 0.7
+ 0.6
Total...................................
26 073 717
+ 2.6
+ 2.1
+ 1.4
BANK AL-MAGHRIB
29 891 708
47
EMPLOYMENT
The trend in the population by place of residence shows a continued
increase in the rate of urbanisation, from 42.8% in 1982 to 51.4% in 1994, reaching 55.1% in 2004. The number of town and city dwellers in fact grew by
22.6% to a total of 16 463 634, while the rural population was up by only 6.2%
to 13 428 074 persons, owing to migration from the land and the extension of
urban perimeters.
The regional distribution of the population shows that nearly a third of the
total was concentrated in three regions, namely Greater Casablanca with 3.6
million inhabitants or 12.1% of the total, and Souss-Massa-Draa and Marrakech-Tensift Al-Haouz with 3.1 million or 10.4% each. Looking at provinces and
prefectures, Casablanca remains the country's largest metropolitan area, home
to 2 950 000 persons or one tenth of the total population, followed by the provinces of Kénitra, El Jadida and Marrakech, each with over one million inhabitants. The provinces of the South, on the other hand, continue to be the least
populated. These demographic disparities may be explained by regional differences in development, since a large part of the country's productive fabric is
centred on the El Jadida-Kénitra axis. This is confirmed by the results of the
2001-2002 economic census, which shows the Greater Casablanca area in fact
occupying first place in the national economic fabric with 17% of the country's
businesses and nearly 30% of the jobs. The regions of the South are home to
3.3% of the Kingdom's businesses and 2.2% of the employed labour force.
EMPLOYMENT
According to the data from the national employment survey(1), the labour
force aged 15 and over, estimated at 11 million, was up by 2.9% compared to
the previous year. The employed labour force amounted to 9.8 million, nearly
46% of whom were working in the primary sector, 12.7% in industry, 6.7% in
the building and public works branch and 35% in services. The number of jobseekers totalled around 1.2 million, 85.6% of them in urban areas, representing
a national unemployment rate of 10.8%, down by 0.6 percentage point compared to the previous year. This figure, which continues the downward trend that
started in the year 2000, was the result of improved employment opportunities
(1) See Statistical Appendices VI-3 and VI-4.
48
BANK AL-MAGHRIB
EMPLOYMENT
in urban areas, where the unemployment rate was 18.4% compared to 19.3% in
2003. By level of education, the unemployment rate remains the highest among
diploma-holders, despite falling from 23.7% to 22.6%.
The consolidation in national economic growth in 2004 resulted in the net
creation of 338 000 jobs, to which most sectors contributed, in particular agriculture and commerce, but also building and public works. This trend was
found in both self-employment and paid employment, mainly in the private sector.
The year 2004 saw a 10% rise in the minimum wage, which had remained
unchanged since the year 2000. This increase was made in two stages. The first,
in June 2004, raised the minimum wage from 8.78 dirhams to 9.22 dirhams per
hour in the non-agricultural sector and from 45.50 dirhams to 47.77 dirhams
per day in the agricultural sector. The second came into effect on 1 July 2004,
taking the hourly minimum wage to 9.66 dirhams in the non-agricultural sector
and the daily wage in the agricultural sector to 50 dirhams. However, implementation of this second stage was deferred until 1 January 2005 in some economic sectors, such as tourism, "textiles and leather" and the food industries.
In the field of labour legislation, the new law constituting a labour code
came into force in June 2004 and nineteen decrees implementing it were published at the beginning of 2005. The new code reduced normal working hours
from 48 to 44 hours a week for paid workers in the non-agricultural sector and
from 2 700 to 2 496 hours a year for those working in the agricultural sector. It
also introduced the principle of flexible working, bringing in the fixed-term
labour contract and laying down the conditions and procedures for the conclusion of this type of contract in order to afford workers greater protection against
any abusive practices on the part of employers.
The texts implementing the code are concerned in particular with the procedure relating to dismissals, the unilateral termination of the contract of
employment and the period of notice required. They also set out the rules for
the operation of the Occupational Medicine Council, the Special Committee
BANK AL-MAGHRIB
49
EMPLOYMENT
dealing with temporary employment agencies and the Local Committee responsible for examining and ruling on applications to dismiss employees and for the
complete or partial closing down of firms. They also lay down the list of paid
holidays and of activities in which the employment of minors below the age of
18, women and the disabled is prohibited.
50
BANK AL-MAGHRIB
FOREIGN TRADE
FOREIGN TRADE
In 2004, the international economic situation was marked by a major
expansion in world trade and higher economic growth, although this proved
modest in the countries of the European Union, our main trading partners. It
was also characterised by a sharp rise in the prices of raw materials, especially
oil, and by the continued appreciation of the euro against the dollar. At national
level, the substantial rise in the cost of imports and the sluggish nature of
exports, with the exception of phosphates and derivatives, caused the foreign
trade deficit to widen.
Imports rose by nearly 15% to a total of 156.3 billion dirhams following
the 4.3% increase a year earlier. This was due to a significant rise both in purchases relating to the development of productive activity and in those of certain
foodstuffs and consumer goods.
Despite the buoyancy of the external economic climate, exports, at 86.4
billion dirhams, grew only slightly, by 3%, largely due to a steep increase of
21.4% in sales of phosphates and derivatives, which brought in 14.4 billion
dirhams. Earnings from foodstuffs and textiles, on the other hand, were down,
owing to the reduced supply of fisheries products in particular and to fierce
competition on the markets of the European Union.
Under these circumstances, the trade deficit, which had deteriorated by
18.5% in 2003, widened again by more than a third to nearly 70 billion dirhams
or 15.8% of GDP, compared to 12.4% the previous year. As a result the rate of
coverage of imports by exports decreased markedly year-on-year, from 61.6%
to 55.3%.
BANK AL-MAGHRIB
51
FOREIGN TRADE
Changes
in %
In millions of dirhams
2003
2004
Imports C.I.F.......................................
Exports F.O.B......................................
Balance........... ....................................
Exports as % of imports .... ...............
136 070
83 887
- 52 183
61.6
156 297
86 365
-69 932
55.3
+ 14.9
+ 3.0
+ 34.0
-
Excluding transactions under the system of temporary admission without
payment, which amounted to 20.3 billion dirhams for imports and 30.5 billion
for exports, the trade deficit in general goods came to more than 80 billion
dirhams, up by more than a quarter(1).
IMPORTS
Expenditure on imports showed a rise of almost 15% or 20.2 billion
dirhams, which affected all categories of products to a greater or lesser extent.
Thus, purchases of energy products were up by 23% or 4.9 billion dirhams,
accounting for almost a quarter of the additional costs. Similarly, other imports
grew by 13.4% or 15.3 billion dirhams overall, more than four fifths of this
being purchases of manufactured goods.
Imports by category
of products
(in millions of dirhams)
Changes
2003
2004
Amounts
In %
Foodstuffs, beverages and
tobacco ....................................
Energy and lubricants ..............
Raw materials............................
Semi-manufactures (*)..............
Capital goods ...........................
Consumer goods ......................
11 431
21 181
10 179
31 090
29 975
32 214
13 605
26 058
10 375
36 580
34 415
35 264
+2 174
+4 877
+196
+5 490
+4 440
+3 050
+19.0
+23.0
+ 1.9
+17.7
+14.8
+9.5
Total.........................................
136 070
156 297
+20 227
+14.9
(*) Including industrial gold.
(1) See Statistical Appendices VII-1 to VII-4.
52
BANK AL-MAGHRIB
FOREIGN TRADE
Foodstuffs
After falling by 24.5% in 2003, imports of foodstuffs amounted to 13.6
billion dirhams in the year under review, an increase of 19%. Purchases of
cereals alone cost more than 7 billion dirhams, the 30.6% expansion being due
both to the 19.3% increase in quantities, at over 4 million tonnes, and the higher
prices of wheat and maize. Similarly, purchases of dairy products rose by 7% to
950 million dirhams, although the volume was down by 12%. Supplies of sugar
increased by more than 9% by weight, but were unchanged in terms of value at
1.1 billion dirhams.
Energy products
Purchases of energy products, up by 5% in 2003, grew by a further 23% in
2004 to 26.1 billion dirhams, chiefly because of the rise of almost a fifth in the
oil bill, the result in turn of an increase in both quantities and especially prices.
Crude oil imports rose by nearly a third to supply the SAMIR refinery, entailing
expenditure of 14.5 billion dirhams, up by more than a half. On the other hand,
imports of refined petroleum products were cut by more than 30% in volume
for a value of 8.4 billion dirhams, down by 16.4%. Purchases of coal were up
by 12% in tonnage and almost two thirds in value, at 3.1 billion dirhams.
Raw materials
Expenditure on imports of basic materials came to 10.4 billion dirhams, an
increase of 1.9%. Within this category, purchases of products of animal and
vegetable origin reached 7.6 billion, up by 4.1%, the result in particular of
rising prices of oilseeds and wood in the rough. The value of orders of vegetable oils, on the other hand, fell by 7.7% to 1.9 billion dirhams. Similarly, purchases of products of mineral origin, at 2.8 billion dirhams, fell by 3.6% owing
to the 5.8% decline in those of sulphur, although the volume of this increased
slightly.
BANK AL-MAGHRIB
53
FOREIGN TRADE
Semi-manufactures
Purchases of semi-manufactures increased by 17.7% in the year under
review, to 36.6 billion dirhams; 15.4% of these were purchases under the system of temporary admission without payment. This trend is due to the rise in
both quantities and prices of the main products. Purchases of metallurgical products and iron and steel, various chemical products and plastics materials,
intended mainly for the industrial and building and public works sectors, totalled 21.6 billion dirhams, an increase of 26.8%.
Capital goods
As a result of public and private sector investment, imports of capital
goods entailed expenditure of 34.4 billion dirhams, an increase of 14.8%, which
involved the main products. Purchases of industrial finished products were up
by 14.5% at 33.2 billion, mainly electric wires and cables, mining equipment
and electrical telephony and telegraphy equipment. The same trend was seen in
purchases of agricultural capital goods, mainly tractors, the cost of which rose
by 22.4% to 1.2 billion dirhams.
Consumer goods
Purchases of consumer goods showed an increase of 9.5%, amounting to
35.3 billion dirhams. Purchases of private cars and spare parts and of radio and
television receivers in particular entailed expenditure of 8.3 billion dirhams
overall, an increase of 46.8%. On the other hand, imports of synthetic and cotton fibres under the system of temporary admission without payment fell by
7.7% to 7.6 billion dirhams owing to the downturn in activity in the
textile sector.
54
BANK AL-MAGHRIB
FOREIGN TRADE
EXPORTS
Exports rose by 3% or 2.5 billion dirhams, largely as a result of sales of
energy products, raw materials and semi-manufactures, which brought in an
additional 6.7 billion dirhams. Shipments of foodstuffs and consumer goods, on
the other hand, were down by 4.2 billion dirhams overall.
Exports by
category of products
Foodstuffs, beverages and
tobacco ....................................
Energy and lubricants ..............
Raw materials..........................
Semi-manufactures (*)..............
Capital goods ..........................
Consumer goods......................
Total ...........................
2003
2004
17 472
889
6 985
19 770
6 477
32 294
83 887
Changes
Amounts
In %
13 587
1 763
8 886
23 581
6 601
31 947
-3 885
+ 874
+1 901
+3 811
+ 124
- 347
-22.2
+98.3
+27.2
+19.3
+1.9
-1.1
86 365
+2 478
+3.0
(*) Including industrial gold.
Foodstuffs
At 13.6 billion dirhams, exports of foodstuffs fell by 22.2% owing to a
decline in shipments of the main products. Supplies of fisheries products
brought in earnings of 7 billion dirhams recording a drop of a quarter affecting
all products, especially crustaceans, molluscs and shellfish. There was a similar
trend in orders for other produce, earnings from which fell by 18.3% to 6.6 billion dirhams, as a result of the 16% decline in sales of citrus fruits and 42% in
those of early fruit and vegetables.
Raw materials
Underpinned by strong global demand, sales of basic materials grew by
27.2% to 8.9 billion dirhams, thanks to a high level of phosphate exports. These
brought in 4 billion, an increase of 15.4% based on a 6.4% rise in tonnage.
BANK AL-MAGHRIB
55
FOREIGN TRADE
Similarly, the value of supplies of other ores rose by more than a half to 2.3 billion dirhams, thanks to the firm prices of metals, lead and zinc in particular.
Exports of products of animal and vegetable origin, amounting to 2.6 billion,
were up by 30% as a result of a rise in orders for olive oil in particular, which
increased from 72 million to 488 million dirhams.
Semi-manufactures
Exports of semi-manufactures were recorded at 23.6 billion dirhams, a
value increase of 19.3% due mainly to strong demand for phosphate derivatives, which brought in 10.4 billion dirhams; almost two thirds of this consisted
of shipments of phosphoric acid. Similarly, sales of sheet metal almost trebled,
reaching 834 million dirhams, while those of electronic components (transistors) fell by 2.7% to 5.5 billion dirhams.
Capital goods
Sales of capital goods rose by just 1.9% in the year under review, to 6.6
billion dirhams; more than a quarter of this was re-exported following temporary admission without payment. This trend masks a decline of 9.1% in supplies
of electric wires and cables, a drop of nearly 70% in those of electronic subsystems and, conversely, a 31.6% increase in exports of other equipment to the
value of 3 billion dirhams.
Consumer goods
Exports of consumer goods, more than two thirds of which took place
under the system of temporary admission without payment, showed a modest
decline of 1.1% to 32 billion dirhams. In the face of fierce competition from
Asian textiles on European markets, sales of knitwear and fabrics fell by 5.8%
and 24% respectively to 7.6 billion and 368 million dirhams. At 18.6 billion,
orders for ready-made clothing were virtually unchanged for the second year
running, while those for footwear and other products increased by 2.8% overall,
reaching 5.4 billion dirhams.
56
BANK AL-MAGHRIB
FOREIGN TRADE
GEOGRAPHICAL DISTRIBUTION OF TRADE
The geographical distribution of trade continues to be marked by the predominance of flows with the 25 countries of the European Union, which
account for more than half of imports and nearly three quarters of exports. At
23.2 billion dirhams, the structural deficit with these countries widened by
more than 41% in the year under review, owing to a worsening of the adverse
trade balances with Germany, Italy and Spain, notwithstanding a surplus of 591
million dirhams with France and of 1.4 billion with the United Kingdom. The
trade deficit with the other European countries also widened, from 11.4 billion
to 15.3 billion dirhams; more than 8 billion of this was accounted for by Russia,
a major supplier of oil and sulphur.
Transactions with the Asian countries saw the overall adverse balance of
trade worsen from 14.8 billion to over 21 billion dirhams, more than half of this
total being accounted for by the countries of the Middle East, in particular
Saudi Arabia and Iran, our main suppliers of petroleum products. The deficit
with the other Asian countries also increased, to 6.2 billion with China and 2.6
billion dirhams with Japan. Conversely, trade with Pakistan and especially
India, the main country importing phosphoric acid, showed surpluses of 580
million and 1.9 billion dirhams respectively, compared to 70 million and 1 billion dirhams in 2003.
Trade with the American continent resulted in a deficit which was more
than 11% higher at 8.5 billion dirhams owing to the gap with Argentina and
especially Brazil widening by 2.2 billion and 1.5 billion dirhams respectively.
On the other hand, the deficit with the United States and Canada narrowed by
4% overall to 4 billion dirhams.
Lastly, the adverse balance of flows with the countries of the Arab Maghreb Union fell from 1.6 billion to 1.2 billion dirhams as a result of reduced deficits with Libya, Tunisia and especially Algeria.
______________________________________________________________________
BANK AL-MAGHRIB - Annual Report - 2004
57
EXTERNAL FINANCIAL RELATIONS
For the fourth consecutive year, external transactions resulted in a surplus
on the current account of the balance of payments, amounting to 2.2% of GDP
in 2004. Although markedly worse, the trade deficit was in fact more than offset by remittances by Moroccans living abroad and by tourist earnings, which
continued to rise rapidly. Taking into account capital inflows, particularly from
privatisation, the balance of payments again showed a surplus, boosting the
foreign exchange reserves, which continued to represent ten months' imports of
goods and services.
At the same time, the process of liberalizing foreign exchange operations
continued, in particular by offering operators new instruments for hedging
against the risks of fluctuating exchange rates, interest rates and commodity
prices.
BALANCE OF PAYMENTS
The balance of payments surplus came to 16.3 billion dirhams, similar to
the previous end-of-year figure.
Of this, 9.8 billion dirhams, compared to 15.2 billion in 2003, came from
current transactions while 8.6 billion dirhams, compared to 3.5 billion, was
accounted for by positive net flows resulting from the capital and financial transactions account(1).
(1) See Statistical Appendix VIII-1.
58
BANK AL-MAGHRIB
Balance in millions of dirhams
2001
2002
2003
2004
A. Current transactions ....................
Goods....................................................
of which : general merchandise .........
Services ................................................
of which : travel .................................
Income .................................................
Unrequited transfers ............................
+18 209
-34 157
-43 671
+21 594
+24 796
-9 412
+40 184
+16 276
-33 739
-45 780
+21 452
+24 263
- 8 137
+36 700
+15 238
-41 493
-54 616
+25 053
+25 637
- 7 559
+39 237
+ 9 833
-57 546
-69 857
+30 046
+29 726
-5 773
+43 106
B. Capital and financial
transactions account .....................
Capital account ....................................
Financial transactions account ............
Private sector ....................................
Public sector .....................................
Other .................................................
+22 625
-101
+22 726
+33 997
-12 205
+ 934
-7 166
- 67
- 7 099
+7 041
-13 970
- 170
+ 3 479
- 97
+ 3 576
+14 375
-10 799
-
+8 637
- 71
+8 708
+18 855
-10 147
-
C. Statistical discrepancy ..................
+2 657
-2 082
-2 985
-2 200
Overall balance....................................
+43 491
+7 028
+15 732
+16 270
Current transactions
Goods
The trade deficit on FOB basis widened by 38.7% to 57.5 billion dirhams.
This worsening of the trade balance was due to a 27.9% increase in the deficit
in respect of general merchandise and a 7.1% decline, to 11.8 billion dirhams,
in the value added resulting from commercial transactions carried out under the
system of temporary admission without payment.
Services
The favourable trend in tourist earnings continued, showing a sharp rise of
12.6% to 34.8 billion dirhams. Taking into account expenditure amounting to 5
billion, travel therefore registered a surplus of 29.7 billion dirhams, up by
15.9% compared to 5.9% the previous year.
BANK AL-MAGHRIB
59
Operations carried out by general government, mainly to cover the running costs of diplomatic representations, resulted in a deficit of 2.1 billion
dirhams compared to 1.5 billion in 2003, expenditure under this heading having
risen by 834 million dirhams.
Other services, covering mainly transport, insurance and telecommunications services, showed an overall surplus of 2.4 billion compared to 950 million
dirhams in 2003.
Income
Net outflows in respect of remuneration of capital were down by 1.8 billion at 5.8 billion dirhams, the result of a marked reduction in interest payments
on the foreign debt and an increase in the proceeds from foreign currency
investments, expenditure in respect of income transfers from private investments made in Morocco having changed little compared to the previous year.
Unrequited transfers
The surplus on unrequited transfers rose from 39.2 billion to 43.1 billion
dirhams, mainly due to the rise of 8.2% or 2.8 billion dirhams in funds transferred by Moroccans living abroad, which totalled 37.4 billion dirhams. Of the latter, 77.3% came from the euro area, 10.6% from the United States and nearly
4.2% from the countries of the Middle East. Bank and postal transfers, representing 72.8% of that amount, were up by 9.3% as a result of efficient policies
pursued and a banking network that covers the main countries of residence.
Receipts of pensions and other social allocations, amounting to 5.4 billion
dirhams, rose by 16.6%.
Similarly, the surplus in respect of public current transfers, amounting to
1.2 billion dirhams, increased by more than a half, mainly due to a rise in the
level of grants.
60
BANK AL-MAGHRIB
- Annual
Report - 2004
Capital and financial transactions account
Foreign loans and investments, which amounted to 24 billion dirhams in
2003, largely the result of the transfer of 80% of the capital of the State-owned
tobacco company, came to 15.1 billion dirhams in the year under review, including 4.7 billion in respect of non-residents' acquisitions of holdings in the capital of Maroc Telecom. Direct investments fell from 23.3 billion to 9.1 billion
compared to the previous year, while portfolio investments amounted to 5.1 billion dirhams. More than half of these investments were made by France and
related mainly to the telecommunications, real estate, industrial and tourism
sectors. Expenditure for this purpose amounted to 4.4 billion, which is lower
than the 9.4 billion dirhams recorded a year earlier, partly as a result of loans
granted by Moroccan banks to non-residents in 2003. Commercial credits
amounted to 8.4 billion dirhams, an increase of 4.7 billion, in line with rising
imports.
Loans obtained by the Treasury and public institutions fell by 38.9% to 8.2
billion dirhams. This marked decline affected both commercial credits, which
were down from 1.2 billion to 868 million dirhams, and foreign currency loans,
which, at 7.3 billion dirhams, were 33% lower compared to 2003, year during
which a bond issue for the sum of 4.3 billion dirhams was made on the international market.
Of this total, the African Development Bank granted 1.7 billion dirhams,
while the International Bank for Reconstruction and Development and the
European Investment Bank each allocated almost 1.1 billion dirhams. These
resources were mainly used to fund the financial sector reform programme and
the development of the basic infrastructure.
Taking redemption expenditure of 18.4 billion dirhams into account, net
outflows in respect of public borrowing were down by 6% at 10.1 billion
dirhams. The overall burden of the public foreign debt, including interest payments of 4.3 billion, therefore amounted to 22.7 billion dirhams, representing
11.6% of current receipts compared to 16.4% in 2003.
BANK AL-MAGHRIB
61
Under these circumstances, the outstanding amount of public foreign debt
including Government guaranteed debt fell again, to 115.2 billion dirhams at
the end of December 2004, representing 26% of GDP compared to 30% a year
earlier.
THE REGULATIONS GOVERNING EXTERNAL COMMERCIAL
AND FINANCIAL RELATIONS
Within the framework of the opening up of the national economy, the liberalisation of foreign trade continued in 2004. In the year under review, the gradual dismantling of tariffs provided for by the free trade agreement with the
European Union brought a second 10% reduction in customs duties on imports
of locally manufactured industrial products; these duties will be abolished by
2012.
In the matter of exchange controls, 2004 saw the introduction of a number
of measures to consolidate the process of liberalizing the economy.
Thus, economic operators were authorised to resort to the international
market to cover against the risk of fluctuations in the prices of certain commodities, to have recourse to exchange options for their commercial and financial
operations and to instruments for hedging against interest rate changes by
means of currency swaps, the cap, an option guaranteeing a ceiling rate, and the
forward rate agreement.
So far as capital transactions are concerned, measures were taken to ease
the rules for the transfer of assets in dirhams held in Morocco by non-resident
foreigners. Thus, until the end of March 2005, available funds in time convertible deposit accounts may be transferred in full if the balance is 200 000
dirhams or less. Above that ceiling, such assets may be transferred over a period of four years, in annual tranches of 25% each.
With regard to travel, the annual tourist allowance, as for the “Omra”, may
be provided by subrogation to Moroccan travel agencies in connection with the
62
BANK AL-MAGHRIB
- Annual
Report - 2004
payments they make to foreign service providers for the organisation of tourist,
family, cultural or private journeys abroad. The issue of international credit
cards was also extended to all categories of persons in receipt of foreign currency allowances under a general or individual authorisation from the Foreign
Exchange Office.
FOREIGN EXCHANGE MARKET
Quotation of foreign exchange rates
The international foreign exchange markets were marked in the year under
review by a further depreciation of the US dollar, especially against the euro.
Taking into account the fluctuations of the main foreign currencies on the international markets and the system of quotation of the dirham based on a basket of
currencies, the national currency appreciated, on annual average, by 8% against
the dollar and by 0.8% against the yen, but depreciated by 1.9% against the
euro and 3.7% against the pound sterling(1). Expressed in terms of SDR, the
external value of the dirham rose by 1.9% year-on-year.
The effective exchange rate of the dirham, calculated on the basis of the
annual average rates, remained stable in nominal terms while showing a depreciation of 0.7% in real terms.
Foreign exchange transactions
In 2004, the development of the Moroccan foreign exchange market was
marked by a significant increase in spot transactions, while forward transactions remained at the previous year's level.
(1) See Statistical Appendice IX-1.
BANK AL-MAGHRIB
- Annual
Report - 2004
63
Thus, spot currency swaps against dirhams, made between the banks,
increased from 5.2 billion to 9.9 billion dirhams on monthly average. Transactions carried out by the banks with Bank Al-Maghrib, which related essentially
to purchases of foreign currencies, amounted to 1.5 billion, on monthly average, compared to 816 million in 2003.
Purchases and sales of foreign currency made by the banks with their
foreign correspondents increased from 16 billion to 18.4 billion dirhams yearon-year, while banks' investments abroad amounted to 6.4 billion compared to
5.4 billion dirhams in 2003.
Similarly, on the basis of the end-of-month averages, Moroccan interbank
lending and borrowing in foreign currencies amounted to nearly 4.5 billion
dirhams compared to 2.4 billion in 2003. Forward foreign currency transactions
remained unchanged at 8.3 billion dirhams. They continued to be marked by a
preponderance of forward sales on behalf of the banks' importing customers.
INTERNATIONAL COOPERATION
The year 2004 saw major progress in the liberalisation of trade, particularly as a result of the signing of free trade agreements with Tunisia, Egypt and
Jordan, on the one hand, and Turkey, on the other. This initiative anticipates the
establishment by 2010 of a large free trade area covering the European Union
and its Mediterranean partners.
Similarly, Morocco concluded a free trade agreement with the United
States in 2004 which increases the opportunities for exporting to that country
and promotes options for investment in several sectors of the national economy.
Lastly, as part of the dismantling of tariffs, in respect of the agreement
establishing the Greater Arab Free Trade Area concluded by the signatory
countries under the aegis of the Arab League, the final annual 20% tranche of
customs duties was abolished in January 2005.
64
BANK AL-MAGHRIB
- Annual
Report - 2004
PUBLIC FINANCE
PUBLIC FINANCE
The 2004 Finance Act was implemented in a context characterised by
rising oil prices, resulting in increased subsidisation costs. Operating expenses
also rose as a result of the increase in total wages and salaries and additional
expenditure in connection with the Al Hoceima earthquake and the fight against
locusts. However, privatisation receipts and the improvement in tax and monopoly revenues, which proved appreciably higher than anticipated in the Finance
Act, enabled the deficit to be kept to 3.2% of GDP, close to the previous year's
level but slightly higher than the 3% of GDP envisaged by the Finance Act. If
privatisation is excluded, this deficit amounts to 4.4% of GDP compared to
4.8% in 2003 (1).
The development of the public finance in 2004 was in fact marked by the
transfer of 20% of the State's holdings in the capital of Banque centrale populaire, for a sum of 759 million dirhams, and of 14.9% of the capital of Maroc
Telecom for 8.9 billion dirhams, 4.4 billion of which was allocated to the Hassan II Fund for Economic and Social Development. Although the privatisation
was not completed until the end of the year, the Treasury was able to cover its
financing requirement by raising resources on the tender market at declining
rates.
2004 FINANCE ACT
The 2004 Finance Act was drawn up on the basis of a growth rate of 3%,
an external current account surplus of 1.2% of GDP and privatisation receipts
of 12 billion dirhams. It contained only minor fiscal adjustments, since the
reform of the main taxes had not been finalised. Moreover, in order to consolidate the major macroeconomic balances, the budget deficit, including privatisation receipts, was to be contained within a limit of 3% of GDP. This target was
(1) See Statistical Appendices X-1 to X-4.
BANK AL-MAGHRIB
65
PUBLIC FINANCE
to be achieved by an improvement in current revenue of 3.4% compared to the
estimates given by the 2003 Finance Act, despite the reduction in customs
duties and the specific tax advantages granted to certain sectors, and by a 3.1%
increase in total costs. The latter were to rise in particular as a result of the
increase in total wages and salaries following implementation of the agreements reached in the context of the social dialogue.
So far as the fiscal adjustments provided for by the Finance Act are
concerned, the registration code was revised to reduce the number of rates and
to cut the level of some of them. Similarly, in order to encourage activity in the
housing sector, the deductibility of interest from general income tax was extended and is now also applicable to loans granted by public or private sector welfare agencies as is the case for those made by credit institutions. The tax on
cement was also raised from 5 to 10 centimes per kilo with a view to boosting
the Housing Solidarity Fund's receipts, while the percentage of the domestic
consumption tax on bitumen was halved.
On the other hand, in order to enable enterprises to recover all the taxes
levied on the electricity required for their activity, it was decided to abolish the
domestic consumption taxes on fuel used to generate electricity and to raise the
applicable rate of VAT from 7% to 14%.
The advantages granted to exporters in the matter of corporation tax and
general income tax were extended to enterprises supplying finished products to
exporters located in export areas.
In order to encourage enterprises to go public, the three-year exemptions
granted to them by the 2001 Finance Act were extended to 31 December 2006.
Lastly, in order to encourage scale 1 to 9 civil servants to join the early
retirement scheme, the allowance provided for the purpose was exempted from
general income tax up to the limit of the current redundancy payment.
66
BANK AL-MAGHRIB
PUBLIC FINANCE
EXECUTION OF THE 2004 FINANCE ACT
Current account revenues, including the privatisation receipts allocated to
the general budget and the proportion of VAT transferred to local authorities,
totalled 116.6 billion dirhams, up by 6.6% on the previous year. Current expenditure, on the other hand, at 104 billion, recorded a year-on-year increase of
6.7%. The current budget therefore showed a surplus of 12.6 billion compared
to 11.8 billion in 2003. At that level, it enabled nearly 57% of equipment
expenditure to be covered, compared to 59.7% in 2003. Including the negative
balance of the Treasury's special accounts, the budget deficit amounted to
14.3 billion dirhams.
Treasury current account revenue
Treasury current account revenue showed an increase of 6.6% compared
to the previous year, the result both of fiscal revenues, representing more than
83% of the total, and non-fiscal revenues, the proceeds of the monopolies in
particular.
Fiscal revenue was up by 6.7% to 97.3 billion, taking the tax burden to
nearly 22% of GDP. Direct taxes totalled 36.5 billion, an increase of 9.3%. The
proceeds of general income tax rose by 10% to 19.6 billion; 15.5 billion of this
was deducted from payrolls, the latter having increased by 10% owing to the
raising of the salaries of some categories of civil servants. Corporation tax
receipts rose by 9% as a result of the improved contributions of, in particular,
Bank Al-Maghrib and Maroc Telecom. Similarly, indirect taxes, at 43.9 billion,
showed a rise of 4.8%, which is attributable to the 11.8% increase in VAT, especially on imports following the rise in the prices of petroleum products. Domestic consumption tax, on the other hand, fell by 6.6%, mainly as a result of reduced levies on energy products, this tax having been abolished for electricity and
cut for bitumen. At 11.4 billion, customs duties were also up, by 7%, following
the rapid rise in imports, of oil in particular.
BANK AL-MAGHRIB
67
PUBLIC FINANCE
Registration fees and stamp duty brought in 5.5 billion, an increase of
3.9% compared to the previous year.
Non-fiscal revenue, for its part, rose from 14.9 billion to 15.8 billion following the 41.6% growth in the proceeds of the monopolies, which reached more
than 7 billion as a result, in particular, of the increase in dividends paid by
Maroc Telecom. Privatisation receipts, on the other hand, brought in a total of
5.2 billion to the State budget compared to 6.3 billion in 2003. Of these
receipts, 760 million dirhams came from the sale of 20% of the State's holdings
in the capital of Banque centrale populaire and 4.4 billion from the transfer of
14.9% of the capital of Maroc Telecom on the Casablanca and Paris stock
exchanges. Other receipts brought in 3.2 billion, a similar figure to 2003, including 787 million in respect of the Maghreb-Europe gas pipeline fee.
Treasury expenditure
Budgetary expenditure totalled 130.9 billion dirhams, recording an increase of 6.3% which affected both current and equipment expenditure.
Current expenditure amounted to 104 billion, showing a rise of 6.7% following the 6% increase in operating expenses to 79.8 billion. Personnel expenditure alone increased by 6.4% to 56.6 billion or 12.8% of GDP. This increase
was the result of the normal promotion of civil servants, the effects of the
exceptional promotion of certain categories of civil servants and the increase in
salaries of security and Ministry of National Education staff, senior staff and
the like. At 23.2 billion, expenditure on other goods and services grew by 5%,
with payments by the State to the Moroccan Pension Fund amounting to 4.7
billion compared to 3.1 billion following the increase in the employer's contribution rate and the widening of the basis on which civil pensions are calculated.
Subsidisation payments rose from 4.9 billion to 6.8 billion, 3 billion of
which was used to support the prices of petroleum products and only a small
amount of the rise in international market prices was passed on in selling
68
BANK AL-MAGHRIB
PUBLIC FINANCE
prices. Expenditure on interest on the debt was virtually unchanged at 17.4 billion, the 6.3% rise in interest on the domestic debt having been offset by the
26.5% reduction in interest on the foreign debt following the fall in both interest rates and the outstanding amount of debt.
At 22 billion, investment expenditure was 11.3% higher compared to the
2003 level. Taking into consideration the negative balance of the Treasury's
special accounts, amounting to 4.8 billion, the budget deficit came to 14.3 billion, up from 13.8 billion in 2003. Excluding privatisation receipts, it totalled
19.5 billion, compared to 20 billion the previous year.
Taking into account 990 million of arrears, the Treasury's financing requirement actually came to 13.3 billion compared to 15.9 billion in 2003.
THE FINANCING OF THE TREASURY DEFICIT
The Treasury's financing requirement and the net outflows of funds on the
foreign debt, which amounted to 6.5 billion, were covered by recourse to the
tender market in a context of abundant liquidity and falling interest rates, the
Treasury having on the other hand reduced its recourse to the banking system.
BANK AL-MAGHRIB
69
PUBLIC FINANCE
Current revenue .......................................................
Tax revenues ...........................................................
Non-fiscal revenues ................................................
Receipts of certain special Treasury accounts .......
Current expenditure .................................................
of which : Interests on public debt....... .....................
Current account balance .................... ....................
Equipment expenditure ...........................................
Special accounts balance .......................... ...............
Year*
2003
109 386
91 219
14 939
3 228
97 545
(17 351)
+11 841
19 818
-5 860
Year
2004
116 604
97 286
15 761
3 557
104 037
(17 397)
+12 567
22 059
-4 843
Budget surplus or deficit .......................................
Changes in arrears .......................... .........................
Cash deficit ................................................................
-13 837
-2 098
-15 935
-14 335
+990
-13 345
Net financing .............................................................
External financing................................................
Drawings ..........................................................
Amortization .....................................................
Domestic financing..............................................
Bank financing .................................................
- Bank Al-Maghrib ........... ............................
- Banks .................................. ........................
Non-bank financing .........................................
- On the capital market ..................................
- Monetary deposits........................................
- Other deposits .............................................
15 935
-8 746
8 422
-17 168
24 680
-2 394
(-2 601)
(207)
27 074
20 461
241
6 372
13 345
-6 451
4 657
-11 108
19 796
-5 851
(-762)
(-5 089)
25 647
20 751
9
4 887
(*) Revised.
External financing
Net outflows in respect of the foreign debt amounted to 6.5 billion
dirhams compared to 8.7 billion the previous year. Compared to 2003, repayments on the principal in fact fell by 35.3% to 11.1 billion, a figure which
includes the conversion into private investments of debts to Kuwait amounting
to 907 million dirhams. On the other hand, the borrowing resources mobilised
by the Treasury amounted to 3.4 billion, coming mainly from the International
Bank for Reconstruction and Development, the African Development Bank and
70
BANK AL-MAGHRIB
- Annual Report -
PUBLIC FINANCE
the Arab Monetary Fund. The drawings were intended to finance public investment projects and to support structural reforms, especially in the government
and financial sectors. The Treasury also benefited from grants totalling 1.3 billion.
Domestic financing
The domestic resources raised by the Treasury amounted to 19.8 billion,
down by almost a fifth, the Treasury having reduced its recourse to the banks
by 5 billion and improved its net position with Bank Al-Maghrib by 762 million. On the other hand, it increased the net amount of funds raised from nonbank sources on the tender market to 21.4 billion, of which 10.2 billion were
subscribed by the insurance companies and provident institutions and 4 billion
by UCITS. Other debt instruments, however, showed a negative net flow of 5.3
billion.
THE DIRECT PUBLIC DEBT
The total outstanding amount of the direct public debt came to 294.6 billion dirhams at the end of December 2004, an increase of 1.4%. However, the
Treasury's overall debt ratio fell, from year-end to year-end, from 69.4% to
66.7% of GDP.
At 224.1 billion dirhams, the outstanding amount of the domestic debt
increased by nearly 6%, thus representing 76.1% of the total amount outstanding and 50.7% of GDP. This was the result of the 9% increase in funds raised
on the tender market, the outstanding amount of which came to 214.8 billion
dirhams. The insurance companies and provident institutions held 33.2% of
this, followed by the banks and the UCITS with 31% and 21% respectively.
However, the outstanding amount of other debt instruments showed a net decline, the result in particular of the reduction from 7.5 billion to 4.8 billion in the
outstanding amount of agreed borrowings and the repayment in full of government loans.
BANK AL-MAGHRIB
71
PUBLIC FINANCE
The outstanding amount of the foreign debt was 10.7% lower at 70.5 billion, representing 23.9% of overall indebtedness, compared to 27% in 2003,
and 15.9% of GDP.
In the framework of the active debt management policy, in addition to
conversion of debt into investments operations, the Treasury had recourse for
the first time to instruments allowing it to minimise the risks of exchange rate
and interest rate fluctuations. Thus, an IBRD loan with an outstanding amount
of 65 million US dollars at the Libor rate plus 55 basis points, repayable in
2021, was converted into a loan of 52 million euros at a fixed rate of 4.68%.
Similarly, a framework agreement was signed with that institution allowing
recourse to be made to currency and interest rate swaps.
72
BANK AL-MAGHRIB
MONEY
MONEY
MONETARY POLICY
As in the last few years, monetary policy pursued in 2004 sought to consolidate price stability. Moreover, in a context that continued to be marked by excessive liquidity, it aimed to ensure an adequate return on savings and to encourage the
easing process of the financing conditions in order to bolster economic activity.
The monetary target, by reference to aggregate M1, was therefore set at the
beginning of the year within a range of 6.5% to 7.5%, on the basis of an expected
growth rate of 3.8% in non-agricultural GDP and inflation of not more than 2%.
The development of means of payment was to result from a strengthening of foreign exchange reserves of around 10 billion, corresponding to the projected balance
of payments outcome, and a 20.5 billion or 8.3% increase in lending to the private
sector to meet the financing requirements and to accompany growth. Claims on
the Treasury were to be cut by 6 billion or 7.6%.
However, the larger-than-expected increase in receipts from travel and remittances of Moroccans living abroad and the transfer in December of 14.9% of the
capital of Maroc Telecom for a total of 8.9 billion, including 4.7 billion in foreign
currency, resulted in a higher than expected increase in net foreign assets. As a
result, the reference target was overstepped and excess liquidity persisted despite
the allocation of 4.5 billion, or half of the privatisation receipts, to the account of
the Hassan II Fund for Economic and Social Development at the central bank.
In a context of abundant liquidity and with prices under control and a moderate demand for credit, Bank Al-Maghrib kept the monetary reserve ratio unchanged in order to avoid thwarting the process of easing the financing conditions and
BANK AL-MAGHRIB
73
MONEY
left the key rate unchanged so as not to discourage savings. It therefore regulated
the money market chiefly through the new instruments introduced at the start of
the year, namely the deposit facility and weekly liquidity-withdrawal operations(1).
At the end of the year, Bank Al-Maghrib also readjusted the operational framework of monetary policy in order to make the management of bank cash holdings more flexible.
Instruments of monetary policy
The operational framework of monetary policy, which was readjusted in
October 2003 with the introduction of foreign exchange swaps, was strengthened
in January 2004 by the setting of liquidity withdrawals by weekly calls for tenders, at variable rates, and a permanent 24-hour unlimited fixed-rate deposit facility on the initiative of the banks.
Bank Al-Maghrib's intervention on the money market was therefore based on
7-day advances on calls for tenders, at the central bank's key rate of 3.25% and
included permanent 24-hour deposit and 5-day advance facilities on the initiative
of the banks, of which respective rates, at 2.25% and 4.25%, constituted the limits
of the corridor. It also included open market operations, foreign exchange swaps
and weekly liquidity-withdrawal operations as fine-tuning mechanisms.
In order to give greater flexibility to the management of bank cash holdings,
introduce some symmetry between the instruments of intervention and thus make
monetary policy more transparent, Bank Al-Maghrib readjusted once again the
operational framework of monetary policy, in January 2005, by abolishing 5-day
advances and replacing them with a permanent 24-hour advance facility at 4.25%,
which resulted in the whole framework being recast.
(1) See Statistical Appendices XI-1 to XI-13.
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BANK AL-MAGHRIB
MONEY
The new system is therefore based on setting the key rate, in line with which
the central bank seeks to ensure that the money market is balanced by means of
interventions of two types:
- interventions on Bank Al-Maghrib's initiative, which take the form of
advances or of liquidity withdrawals by weekly calls for tenders and of open market operations and foreign exchange swaps, aiming at keeping the interbank rate
close to the key rate;
- operations on the banks' initiative, which take the form of advances or 24hour deposit facilities, the respective rates of which (key rate plus 100 basis points
and key rate minus 100 basis points) are the limits within which the interbank rate
may be allowed to fluctuate.
The implementation of monetary policy
In 2004, monetary policy was conducted in a context marked by abundant
liquidity, except for brief periods when the surpluses were reduced.
Thus, during the first two months of 2004, bank cash holdings were affected
by the restrictive effects of the payment of instalments of the external debt and of
increased demand for banknotes in connection with Aïd Al-Adha, as a result of
which there was a marked reduction in the amount of liquidity withdrawn from the
market by Bank Al-Maghrib.
During the months that followed, bank cash holdings improved with the
return flow of notes and coins in circulation and the strengthening of the foreign
exchange reserves. In these circumstances, Bank Al-Maghrib began to mop up the
surplus liquidity, chiefly by making use of the 24-hour deposit facility. In March
and April, it also carried out two foreign exchange swaps of three months' duration
for amounts of 200 million and 1.3 billion dirhams respectively. In this way, the
interbank rate was kept at levels slightly above the deposit facility rate.
BANK AL-MAGHRIB
75
MONEY
Although the surpluses were reduced in June as a result of the improvement
in the Treasury's net position with the central bank, they rose again with the
increase in the operations of changing foreign banknotes, which more than offset
the restrictive effect of the greater amount of notes and coins in circulation during
the summer. This trend was strengthened in September with the start of the return
flow of circulating notes and coins.
When the liquidity surpluses were appreciably reduced in October and, especially, November as a result of the decline in the foreign exchange reserves, Bank
Al-Maghrib had to grant the banks 5-day advances of 1.3 billion in order to reduce
the tensions on the interbank rate, which had amounted to 2.92% towards the end
of the period of constitution of the monetary reserve.
In December, on the other hand, the interbank rate remained at levels close to
the deposit facility rate following the appearance of additional surpluses resulting
from the flow of foreign exchange generated by the transfer of some of the capital
of Maroc Telecom on the Paris and Casablanca stock exchanges and the expansionary effect of the use of the Treasury's credit balances with the central bank.
All in all, as a daily average, Bank Al-Maghrib withdrew a total of 3.6 billion
dirhams from the market, of which 2.6 billion through the deposit facility, 607
million by withdrawals of liquidity and 449 million through foreign exchange
swaps.
The results of monetary policy
Reflecting the combined effect of the liquidity situation and Bank Al-Maghrib's interventions activity, the average rate on the interbank market fell by 83
basis points to 2.39% in 2004.
So far as the trend in lending rates is concerned, the weighted average cost of
bank credit fell to 7.83% during the second half of 2004, compared to 8.09% a
year earlier, while the weighted average rate for lending by the financing companies fell by 62 basis points to 12.10%.
76
BANK AL-MAGHRIB
MONEY
In a context of abundant liquidity and keener competition, the banks continued to allow their best customers to benefit from rates that were sometimes lower
than their base rates. In the light of this situation, in December Bank Al-Maghrib
reminded once again the banks of the need to include all the relevant costs when
setting the conditions to be applied to loans granted to their customers, while at the
same time providing a minimum remuneration of their own funds. It also enjoined
them to send to the central bank any data relating to loans granted on terms below
the reference rates laid down in its directive.
Small and medium-sized enterprises did not benefit fully from the downward
trend in interest rates. Bank Al-Maghrib therefore sought to give full effect to the
measures it initiated in 2003 to improve the transmission of monetary policy
impulses. These measures are designed in particular to strengthen the procedures
for assessing credit risks and to improve the financial information on enterprises,
which also have to satisfy minimum transparency requirements.
The downward trend in interest rates also affected creditor rates, as evidenced by the movement in the weighted average rates for 6-month and 1-year bank
deposits, which fell by 10 and 31 basis points respectively to 3.29% and 3.48% at
the end of December 2004. For their part, the remuneration rates of Treasury bills
issued by tender fell by amounts ranging from 38 basis points in the case of 15year securities to 116 basis points in the case of 26-week bills. The rates for other
negotiable debt securities all declined, despite the major differences reflecting the
issuers' risk profile.
This downward trend also affected the rates applied to accounts on savings
books with banks and accounts on savings books with the National Savings Fund,
index-linked to the rates paid on 52-week Treasury bills and 5-year bills issued by
tender respectively. The former were set at 2.35% and the latter at 2.10% for the
second half of 2004, down by 60 and 26 basis points respectively compared to the
same period the previous year.
BANK AL-MAGHRIB
77
MONEY
With regard to the quantitative target, the monetary aggregate M1 showed a
rise of 9.7%, which was higher than the upper limit of the monetary norm of 6.5%
to 7.5% set at the beginning of the year. This overstepping was, however, chiefly
the result of an increase in foreign assets of 17.3 billion or 13.6% compared to the
10 billion forecast. Domestic lending of a monetary nature showed a moderate rise
of 4.7%, masking a 6.8% increase in lending to the private sector and a 7.8%
reduction in claims on Government. The overstepping of the norm reflects also to
a large extent the arbitrages made by non-financial agents in favour of the formation of sight assets at the expense of time investments in a context marked by
abundant liquidity and falling opportunity cost.
Overall, the economy's liquidity, consisting of M3 and all the liquid investment aggregates, showed an average increase of 8.1% compared to 6.3% in 2003;
this is higher than the growth rate of GDP at current prices, which is estimated at
5.8%. The allocation of the liquidity created in 2004 to the formation of cash holdings and to investments in securities rather than to the financing of additional
expenditure again resulted in the year under review in a slowing of the velocity of
circulation, from 1.14 to 1.12. In these conditions, the rise in the cost of living
index remained below the 2% limit, while the current account of the balance of
payments again produced a significant surplus.
*
*
*
The new statutes, which are to come into force in the course of 2005, have
given Bank Al-Maghrib the necessary autonomy in monetary policy. Therefore, as
far as its priority task of maintaining price stability is concerned, the central bank's
powers in the conduct of monetary policy have been clarified and extended. Thus,
the Board of Bank Al-Maghrib determines the intermediate targets and defines the
operational framework. In this regard, it sets the interest rates that are applied to
the Bank's operations, determines the monetary reserve ratio and how it will be
calculated and lays down the conditions for the issue of central bank debt instruments. In addition, under the revised Banking Act, the National Credit and
78
BANK AL-MAGHRIB
MONEY
Savings Council, which replaces the National Money and Savings Council, will
no longer be consulted on the directions and implementation of monetary policy
and the Credit Institutions Committee will no longer be asked to give its opinion
on the technical aspects of that policy's instruments.
The new statutes establish the independence of Bank Al-Maghrib and, by
changing the composition of the Bank's Board, prevent all interference by the executive in the area of monetary policy. Moreover, the granting of direct financial
assistance to the State has been prohibited, except for the cash facility, use of
which is now regulated, in relation to the conduct of monetary policy, and remuneration payable. In return for this greater autonomy, the central bank is required to
provide more information on the direction and implementation of monetary policy.
In anticipation of this, it has therefore published press releases following its last
two Board meetings.
BANK AL-MAGHRIB
79
MONEY
MONETARY AGGREGATES
(1)
At the end of 2004, the rate of increase in the monetary aggregate M3
stood at 7.7% compared to 8.7%, while that of the aggregate M1 reached 9.7%,
similar to the previous year's figure. The expansion of these aggregates in the
course of the month of December accounted for 30% of this rise in M3 and
17% in M1; that was the month in which 14.9% of the capital of Maroc Telecom was transferred on the Casablanca and Paris stock exchanges for a total of
8.9 billion dirhams, 4.2 billion being subscribed in dirhams and 4.7 billion in
foreign currency.
Moreover, the arbitrages made in favour of the formation of transferable
sight assets, in a context of abundant liquidity and falling interest rates, resulted
in a strengthening of sight deposits, the rate of increase of which reached
11.2%, while the rate of growth in sight investments and in note and coin circulation was 10.6% and 6.1% respectively. Time deposits, on the other hand, were
virtually unchanged compared to their December 2003 level.
At the same time, the liquid investment aggregates showed a rise of
23.1%, whereas they fell by 8.8% the previous year.
The development of the sources of creation of money was characterised by
an increase of 13.6% in net foreign exchange reserves and a moderate 4.7% rise
in domestic lending of a monetary nature, masking a 6.8% growth in lending to
the private sector and a 7.8% decline in net claims on Government.
The movement of the various monetary aggregates is shown in the following table :
(1) See Statistical Appendices XII-1 to XII-15
80
BANK AL-MAGHRIB
MONEY
- Currency outside banks ........
- Sight deposits .......................
Aggregate M1......................
- Sight investments (M2-M1)
Aggregate M2....................
- Time investments (M3-M2)
Aggregate M3 ....................
End of
December
2002
End of December
2003
Amounts
Amounts
69 556
159 522
229 078
43 097
272 175
83 337
355 512
74 890
176 247
251 137
47 843
298 980
87 360
386 340
End of December
2004
Changes
Changes
Amounts
in %
in %
+7.7
+10.5
+9.6
+11.0
+9.8
+4.8
+8.7
79 439
196 056
275 495
52 918
328 413
87 741
416 154
+6.1
+11.2
+9.7
+10.6
+9.8
+0.4
+7.7
Source : Bank Al-Maghrib
Aggregate M1
Comprising the note and coin circulation and sight accounts, monetary
aggregate M1 fell in January before moving upwards again during the rest of
the year, with the exception of April and October. It amounted to 275.5 billion
dirhams at the end of December 2004, an annual growth of 9.7%, much the
same as the previous year. Its share in the money supply in the broad sense therefore rose from 65% in 2003 to 66.2% in 2004.
After a marked rise in January in the run up to the celebration of Aïd AlAdha, the note and coin circulation showed a decline over the following
months, returning in May to its December 2003 level. It rose again in June and,
especially, in July and August in connection with the marketing of the cereal
harvest and the increase in expenditure resulting from the holiday periods and
the arrival of tourists and of Moroccans living abroad. The seasonal dip observed from September was interrupted in October by the advent of the month of
Ramadan.
BANK AL-MAGHRIB
81
MONEY
At the end of 2004, the note and coin circulation amounted to 79.4 billion,
an increase of 4.5 billion or 6.1%, which was slower than the 7.7% observed in
2003. Year-on-year, its share of the aggregate M1 fell by one percentage point
to 28.9%. The velocity of circulation of notes and coins, calculated on the basis
of the ratio between the monthly average, in value, of inflows and outflows of
banknotes at Bank Al-Maghrib's counters and that of the end-of-month outstanding amounts of notes and coins, remained virtually unchanged at 0.17 in 2004.
At the end of December 2004, sight deposits reached 196.1 billion
dirhams, an increase of 19.8 billion or 11.2%, following the 10.5% rise a year
earlier. Sight deposits with banks, totalling 185.8 billion, were up by 19.3 billion or 11.6%. Credit balances on cheque accounts alone advanced by 14.1 billion or 12.9% to 123.6 billion, including an amount of 45.7 billion or 37% in
credit balances of Moroccans living abroad. Current account balances, at 49.8
billion, were up by 3.8 billion or 8.2% compared to 15.3% a year earlier. At 8.6
billion dirhams, credit balances in sight accounts with the Treasury and the Postal Cheque Service were unchanged from the previous year-end.
The velocity of circulation of sight deposits, which corresponds to the
ratio between the monthly average of the operations, in value, of both the clearing houses and the Moroccan Interbank Remote Clearing System (SIMT) and
that of the end-of-month outstanding amounts of sight deposits increased from
0.47 in 2003 to 0.50 in 2004, having previously been on a continuous downward trend. The reversal of this trend seems to reflect the expansion in financial
transactions, especially on the stock exchange and the secondary market for
Treasury bills, rather than the growth in real transactions.
Aggregate M2
Sight investments not transferable by cheques, which constitute the total
(M2-M1), showed a rise of 5.1 billion or 10.6% compared to an increase of
11% in 2003, reaching 52.9 billion dirhams. Credit balances on accounts in
82
BANK AL-MAGHRIB
MONEY
savings books with banks, at 43.6 billion, increased by 3.9 billion or 9.9%,
while accounts in savings books of the National Savings Fund rose by 1.2 billion or 14.1%, to 9.3 billion dirhams at the end of 2004.
Composed of aggregate M1 and the total (M2-M1), aggregate M2 amounted to 328.4 billion at the end of 2004, an increase of 9.8%, the same as the previous year's rise.
Aggregate M3
Time investments, comprising fixed-term accounts and bills as well as certificates of deposit held by non-financial agents, fell almost continuously until
September. They began to recover in October, however, reaching 87.7 billion
dirhams at the end of December 2004, similar to the previous year's level.
Aggregate M3, which consists of aggregate M2 and the total (M3-M2),
reached 416.2 billion dirhams, an increase of 29.8 billion or 7.7%, which was
less than the 8.7% observed in 2003.
LIQUID INVESTMENT AGGREGATES
Comprising negotiable debt instruments other than certificates of deposit,
included in M3, and securities issued by UCITS and subscribed by individuals
and non-financial enterprises, the liquid investment aggregates amounted, at the
end of December 2004, to 44.7 billion dirhams, an increase of 8.4 billion or
23.1%, compared to a fall of 8.8% a year earlier. This rise is mainly attributable
to the increase in aggregates LI2 and LI3 and, to a lesser extent, in aggregate
LI1.
BANK AL-MAGHRIB
83
MONEY
End of
December
2002
End of December 2003
Amounts
Amounts
Aggregate LI 1
Aggregate LI 2
Aggregate LI 3
8 839
29 696
1 247
8 093
26 423
1 752
-8.4
-11.0
+40.5
8 532
33 717
2 408
+5.4
+27.6
+37.4
Total LI ........
39 782
36 268
-8.8
44 657
+ 23.1
In millions
of dirhams
Changes
in %
Amounts
Changes
in %
Aggregate LI1
The outstanding amount of aggregate LI1, which consists of Treasury bills
and other negotiable debt instruments held by non-financial agents, came to 8.5
billion dirhams at the end of 2004. This increase of 439 million or 5.4% was the
result of a rise of 11.6% in net subscriptions for negotiable Treasury bills, those
for 6-month Treasury bills issued on tap having declined by 2.3%. Purchases of
bills of the financing companies remained unchanged compared to the previous
year.
Aggregate LI2
Recording the securities issued by bond UCITS, aggregate LI2 rose almost
continuously in 2004, with the notable exception of December, which was marked by an increase in the volume of redemptions of securities. At the end of
2004, the outstanding amount of aggregate LI2 was 33.7 billion dirhams, an
increase of 7.3 billion or 27.6% due both to higher demand and the rise in
prices following the drop in the interest rates offered on Treasury bills issued by
tender.
84
BANK AL-MAGHRIB
- Annual Report -
MONEY
Aggregate LI3
Apart from the marked decline that occurred in October, aggregate LI3,
consisting of the securities issued by share and diversified UCITS, was up sharply, by 656 million, to a total of 2.4 billion, thus recording an increase of 37.4%
following the 40.5% rise achieved in 2003. This was due mainly to the interest
shown by investors in this category of securities in line with the continuing
recovery in prices on the Casablanca stock exchange.
THE LIQUIDITY OF THE ECONOMY
Consisting of aggregate M3 and the total of the liquid investment aggregates, the total liquidity of the economy, recorded on the basis of the average of
the end-of-month outstanding amounts, reached 441.2 billion dirhams, an
increase of 33.2 billion or 8.1%, which is more than the 6.3% observed a year
earlier. This strengthening of liquidity is due mainly to the continued high rate
of growth in cash holdings, of more than 10%, and the recovery in liquid
investments.
In millions
2002
2003
2004
of dirhams (1)
Amounts
Amounts
Changes
in %
Amounts
Changes
in %
I- Aggregate M3................
M1.................................
M3-M1..........................
II- Liquid investment
aggregates ....................
339 361
215 320
124 041
366 488
237 883
128 605
+8.0
+10.5
+3.5
397 099
261 930
135 168
+8.4
+10.1
+5.1
44 437
41 569
-6.5
44 136
+6.2
Total liquidity (I + II)
383 798
408 057
+6.3
441 235
+8.1
(1) End-of- month outstanding amounts average.
BANK AL-MAGHRIB
85
MONEY
On the other hand, gross domestic product at current prices grew by 5.8%
and gross national disposable income by 6.6%, both recording a lower rate than
that of the total liquidity of the economy. Consequently, the liquidity ratio of
the economy was up again, irrespective of the indicator used, thus confirming
the downward trend in the velocity of circulation of money, which declined
from 1.14 in 2003 to 1.12 in 2004.
Liquidity ratio of the economy
(percentage)
2002
2003
2004
M1
........................
Non-agricultural GDP
64.5
68.1
70.2
M3
..........................
101.7
104.9
106.4
...........................
85.3
87.4
89.5
M3
...........................
GNDI
Total liquidity ...........................
79.4
81.1
82.4
115.0
116.8
118.2
...........................
96.5
97.3
99.5
........................
89.8
90.2
91.6
M3
GDP
Total liquidity
GDP
Total liquidity
GNDI
COUNTERPARTS OF M3
In 2004, the development of the sources of the creation of money was characterised by a 13.6% increase in net foreign assets and a 6.8% increase in lending to the private sector, while net claims on Government declined by 7.8%.
86
BANK AL-MAGHRIB
MONEY
End of
December
2002
End of December
2003
End of December
2004
Amounts Amounts Changes Amounts Changes
in %
in %
Net foreign assets (I).............. 110 780 127 461 +15.1
144 771 +13.6
Total domestic lending
A. Claims on Government .......
80 697
78 537
-2.7
72 388
-7.8
B. Claims on the private sector 226 221 246 008
+8.7
262 677
+6.8
C. Counterparts of accounts
on savings books with the
National Savings Fund.......
7 312
8 196 +12.1
9 349 +14.1
Total (A + B + C)............. 314 230 332 741
+5.9
344 414
+3.5
Less :
Banking system’s non
monetary resources.................
60 011
58 774
-2.1
57 538
-2.1
Domestic lending of a
monetary nature (II)............. 254 219 273 967
+7.8
286 876
+4.7
Total counterparts (I+II)...... 364 999 401 428 +10.0
431 647
+7.5
Other balancing items ..........
-9 487 -15 088 +59.0
-15 493
+2.7
Memo : Aggregate M3..........
355 512
386 340
+8.7
416 154
+7.7
Net foreign assets
Net foreign assets rose almost continuously throughout 2004, the largest
increases being observed in August with the growth in operations of changing
foreign banknotes, and in December, following the transfer of part of the capital
of Maroc Telecom on the Casablanca and Paris stock exchanges.
The net foreign exchange reserves of Bank Al-Maghrib rose by 13.4 billion or 10.9%, while those of the banks were up 3.9 billion or 76.9%, totalling
135.7 billion and 9 billion dirhams respectively. As a result, the net foreign
exchange assets of the banking system amounted to 144.8 billion dirhams at the
end of December 2004, an increase of 17.3 billion or 13.6%.
BANK AL-MAGHRIB
87
MONEY
Net claims on Government
Net claims on Government showed a downward trend, with the notable
exception of November, when the Treasury was obliged to resort increasingly
to the banking system pending the completion, in December, of the privatisation of Maroc Telecom, half of the proceeds of which having been allocated to
the account of the Hassan II Fund for Economic and Social Development.
From year-end to year-end, net claims on Government fell by 6.2 billion or
7.8% to 72.4 billion dirhams. The Treasury in fact improved its net position
with Bank Al-Maghrib by 1.1 billion and reduced its recourse to the banks by
5.1 billion or 6.6%. Claims of individuals and non-financial enterprises, representing the counterpart of deposits with the Treasury and the Postal Cheque
Service, remained unchanged at 8.6 billion compared to the previous year.
Claims on the private sector
Claims on the private sector increased more or less continuously during
2004, at the end of which they totalled 262.7 billion, a rise of 16.7 billion or
6.8% compared to 8.7% observed a year earlier. Loans granted by the banks to
enterprises and individuals were up by 12.6 billion or 5.8%, masking a 15.5%
increase in real-estate credit, while liquidity and consumer credits recorded
growth rates of 3.3% and 3.9% respectively. Equipment credits fell by 1.1%
following a 13.5% increase in 2003, account being taken of the facilities granted in connection with the privatisation of the State-owned tobacco company.
Lending to the financing companies amounted to 20.9 billion, an increase of
3.7 billion or 21.6%.
Altogether, total domestic lending, which includes claims on Government
and lending to the private sector, amounted to 344.4 billion, which represents a
moderate rise of 11.7 billion or 3.5%, less than the 5.9% increase observed a
year earlier. Account being taken of the contraction of 1.2 billion dirhams in
non-monetary resources due mainly to the decline in loans contracted by the
banks, domestic credit of a monetary nature was up again, by 12.9 billion or
4.7%, following a rise of 19.7 billion or 7.8% in 2003.
88
BANK AL-MAGHRIB
MONEY
PAYMENT INSTRUMENTS
The programme for modernising systems and means of payment and bringing them into line with international practice continued in 2004. Thus, it has
been possible to use any bank card to make payments handled by the Interbank
Money Centre (CMI) since February 2004, while the operations of the Moroccan Interbank Remote Clearing System (SIMT) were extended to transfers at
national level from September of the same year. In December 2003, Bank AlMaghrib also issued a circular setting out the minimum rules for the duty of
vigilance, especially as regards knowledge of the customers of credit institutions.
Although falling steadily as the share of cashless payment instruments
grew, at 28.9% the notes and coins in circulation still represented a relatively
high proportion of total immediate means of payment at the end of 2004. For all
that, this trend was accompanied by a reduction in the rejection rate of cheques
in clearing, which stood at 1.8% in value terms in 2004. Nevertheless, the outstanding amount of unadjusted payment incidents totalled 27.1 billion dirhams at
the end of 2004.
Growth in electronic means of payment also continued, with more than
2 million bank cards in use at the end of 2004 and 56.6 million transactions.
Notes and coins
The total amount of notes and coins in circulation at the end of December
2004 came to 83.3 billion dirhams, an increase of 4.8 billion or 6.1% following
that of 5.2 billion or 7.3% observed a year earlier. Nevertheless, the note and
coin circulation as a proportion of the total money supply in the narrow sense
declined year-on-year by one percentage point to 28.9%.
BANK AL-MAGHRIB
89
MONEY
Data as at the
end of December
Number in thousands
Year
2002
Year
2003
Banknotes in
circulation
5 dirhams............
10 dirhams...........
20 dirhams...........
50 dirhams...........
100 dirhams...........
200 dirhams...........
4 179
17 886
49 202
36 441
311 808
187 981
4 175
16 684
51 899
36 451
322 357
208 675
Total banknotes ....
607 497
Total coins ............ 1 556 161
Value in millions of dirhams
Year
2004
Year
2002
Year
2003
Year
2004
9 915
54 196
35 927
344 108
221 586
20.9
178.9
984.0
1 822.0
31 180.8
37 596.2
20.9
166.8
1 038.0
1 822.6
32 235.7
41735.0
99.2
1 083.9
1 796.4
34 410.8
44 317.3
640 241
665 732
71 782.8
77 019.0
81 707.6
1 630 847
1 693 220
1 387.8
1 486.2
1 581.5
The structure of the notes in circulation, whose value came to 81.7 billion,
continued to be marked by the predominance of the 200-dirham denomination,
which accounted for 54.2% of the total, unchanged from the previous year's
level. The share of 100-dirham notes was 42.1% compared to 41.9% in 2003.
The proportions of other notes in circulation declined again, from 2.4% to 2.2%
in the case of 50-dirham notes and from 1.4% to 1.3% for 20-dirham notes.
The structure of denominations by number shows the predominance of
100-dirham and 200-dirham notes, which accounted for 85% of the total, thus
emphasizing the scale of their use in the settlement of transactions, especially in
rural areas.
In-payments and withdrawals of funds from the accounts of the banking
institutions and public payment agencies at the counters of Bank Al-Maghrib
resulted overall, at the end of 2004, in a net outflow of around 5 billion, similar
to the 5.2 billion observed in 2003(1).
(1) See Statistical Appendix XIII-1.
90
BANK AL-MAGHRIB
MONEY
Year
2002
Year
2003
Year
2004
Outflows of funds.....................................
72 328
78 609
86 149
Inflows of funds .......................................
68 744
73 368
81 116
Net outflows of funds...............................
3 584
5 242
5 033
Outflows of funds, which rose sharply in January, during the summer and
at the end of the year, amounted to 86.1 billion at the end of 2004, an increase
of 7.5 billion or 9.6% compared to 8.7% the previous year. Withdrawals by the
banks, which represented 71.3% of the total, were up by 6.2 billion or 11.2%,
following the 13.5% rise in 2003. At the same time, withdrawals by the public
payment agencies totalled 23.1 billion, an increase of 6.2% compared to only
1% a year earlier. Foreign exchange operations accounted for 0.4% of the total
outflows recorded at the counters of Bank Al-Maghrib, while exchange operations represented 0.6%.
At the same time, inflows of funds, at 81.1 billion, showed an increase of
7.7 billion or 10.6%, which was higher than the 6.7% observed in 2003 owing
to the rise of 7.5 billion or 11.2%, compared to 7.1%, in payments by the banking institutions, which represented almost 92% of the total. Those by the
public payment agencies increased by 4.9%, up from 3.3% recorded a year earlier, their proportion of the total having fallen, year-on-year, from 7.2% to
6.8%.
Finally, the number of notes paid in at the counters of Bank Al-Maghrib
during the year 2004 amounted to 647.7 million. Sorting activity, which had
fallen behind somewhat, increased in 2004, allowing the withdrawal of 238.3
million notes no longer meeting the required circulation standards, that is 37%
of the total compared to 41% in 2003.
BANK AL-MAGHRIB
91
MONEY
In thousands of
banknotes
Year
2002
Number
Year
2003
Number
Year
2004
Changes
in %
Number
Changes
in %
In-payments at
the Bank AlMaghrib’s counters
Notes sorted ..........
504 366
441 483
594 969
486 550
+18.0
+10.2
647 749
643 478
+ 8.9
+32.3
Notes to be
withdrawn .............
216 635
199 776
-7.8
238 291
+19.3
Cashless payments
Manual and electronic clearing operations
The exchange of cashless means of payment is organised on a daily basis
by the clearing houses, which operate in the various agencies of Bank AlMaghrib, and by the Moroccan Interbank Remote Clearing System (SIMT).
Since February 2003, the latter has processed electronic flows of cheques
payable at the Casablanca financial centre and in September 2004 it extended
its activity to the centralised and dematerialised exchange of transfers made at
national level.
The number of cheques and bills processed by the clearing houses and the
SIMT increased by 0.5 million or 2.3% to 23.2 million at the end of 2004. Of
this total, the number of cheques processed by conventional clearing houses fell
by 0.6 million or 4.8% and the number of bills by 0.7 million or 31.8%, to 10.9
million and 1.5 million respectively. At the same time, the number of cheques
exchanged within the framework of the SIMT rose by 18.2% to 10.8 million,
amounting to almost one half of all the cheques processed, while the number of
transfers, which have been handled since September 2004, came to 0.3 million
at the end of the year.
92
BANK AL-MAGHRIB
MONEY
Number of operations
(in thousands)
Years
Amounts of operations
Bills
Cheques
Total
Bills
Cheques
Transfers
Total
2002
3 464
20 010
23 474
71 372
453 269
368 620
2003
2004
2 214
1 511
20 440
21 673
22 654
23 184
74 714
80 989
459 868
509 337
420 618
955 200
526 804 1 117 130
893 261
For the year 2004 as a whole, the value of instruments exchanged at the
clearing houses, including the SIMT, totalled 1 117.1 billion dirhams, an increase of 161.9 billion or 17%, which is appreciably higher than the 6.9% observed
in 2003. This growth was chiefly the result of the 25.2% increase in the value
of transfers, whose share rose from 44% to 47.2% year-on-year, owing in particular to the expansion of transactions on the secondary market for Treasury
bills and the higher volume traded on the stock exchange. It was also due to the
10.8% increase in the value of cheques and 8.4% in the value of bills, compared
to 1.5% and 4.7% respectively in 2003. Their share of total cashless payments
in fact declined year-on-year from 48.1% and 7.8% to 45.6% and 7.2% respectively(1).
It should also be pointed out that the Casablanca Clearing House Association (ACCC), which in 2004 became the Moroccan Interbank Remote Clearing
System Association (ASIMT), is charged in particular with putting in place the
technical means for the electronic exchange and clearance of cashless payment
instruments.
In order to improve the existing infrastructure and reduce the time required for processing transactions, an interbank wide area network (WAN), which
meets security standards, has been put in place and new production servers
have been acquired. Similarly, with a view to extending the automated processing of cheques to the whole kingdom, a feasibility study relating to their dematerialisation has been carried out.
(1) See Statistical Appendix XIII-2.
BANK AL-MAGHRIB
93
MONEY
Centralisation of payment incidents
Although the rate of rejection of bills increased in both number and value,
reaching 20.6% and 15% respectively in 2004, that of cheques, at 2.2%, remained virtually unchanged in terms of numbers and even declined to 1.8% in
value.
During 2004, the Central Payment Incidents Service (SCIP), which is operated by Bank Al-Maghrib, received 307 499 declarations of non-payment of
cheques owing to lack or inadequacy of funds; this represents a 5.1% decline,
after a rise of 11.1% the previous year. The breakdown by category of issuers
shows a predominance of natural persons, who were the subject of 83.2% of the
declarations. At the same time, the number of adjustments reached 91 828, an
increase of 9.1% compared to 14.4% the previous year.
Moreover, the number of requests for information received from the
banks, especially in connection with the issue of the first cheque book, totalled
796 383, an increase of 8.5%, which is considerably higher than the 4.4%
observed the previous year.
Bank cards
At the end of 2004, the number of bank cash dispensers and automatic teller machines (ATMs) amounted to 1 839 units, a rise of 36.2% compared to
16.2% in 2003, while the number of electronic payment terminals (EPTs) was
up from 7 677 to 10 502 units, an increase of 36.8% which is higher than the
figure of 19.8% recorded the previous year. At the same time, the number of
bank cards rose by 20.7% to 2.2 million at the end of 2004.
The number of withdrawals made in Morocco using cards issued or managed by Moroccan credit institutions came to 47.5 million for a value of 34.2 bil-
94
BANK AL-MAGHRIB
MONEY
lion, compared to 42.5 million transactions corresponding to a sum of 29.1 billion dirhams in 2003. The number of card payments was up by 36.4% to 3.9
million, giving rise to settlements amounting to 2.3 billion dirhams, an increase
of 41% compared to that of 19.1% in 2003. The number of transactions carried
out abroad using cards issued in Morocco increased from 0.4 million to 0.6 million year-on-year, their value reaching 174.3 million compared to 101.6 million
dirhams.
On the other hand, holders of cards issued by foreign institutions made 3.5
million withdrawals in Morocco, amounting to a total of 4.7 billion dirhams,
and effected 1.6 million payments for a value of 2.9 billion dirhams.
The Interbank Money Centre
The function of the Interbank Money Centre (CMI), set up by the banks in
February 2001, is to centralise and process all domestic and international
money flows on behalf of its members.
In the course of 2004, the CMI launched its system of clearing of card
payments via EPTs at national level. It also established a connection with the
main international networks. In addition, it introduced a system for detecting
risky transactions with a view to improving the security of electronic means of
payment.
*
*
*
In order to boost the credibility of the cheque, at the beginning of 2005 the
central bank launched a national awareness campaign, in cooperation with the
Ministry of Justice and the Moroccan Bankers' Association (GPBM), to combat
the use of cheques without adequate funds.
The process of upgrading payment systems will be continued with the
extension of remote clearing to all financial centres and all instruments, the
BANK AL-MAGHRIB
95
MONEY
dematerialisation of their exchange, the extension of interoperability to withdrawal operations, the introduction of the chip card and the establishment of a
real time gross settlement (RTGS) system.
In order to fully assume its function of ensuring the smooth running and
security of systems and means of payment under its new statutes, Bank AlMaghrib has begun to put in place a supervisory mechanism meeting international standards.
96
BANK AL-MAGHRIB
CREDIT
Lending by the credit institutions showed a rise of 16.6 billion or 6.6%
from year-end to year-end, following that of 7.4% observed the previous year,
reaching 267.8 billion (*), or 60.4% of GDP.
Representing nearly 85% of all lending to the private sector, the rate of
increase of loans granted by the banks fell from 8% in 2003 to 5.8% in 2004,
while that of lending by the financing companies rose from 4.1% to 11%.
In addition, the volume of loans granted by microcredit providers amounted to 890 million dirhams at the end of 2004, a massive 64% increase on the
previous year.
CREDIT DISTRIBUTED BY THE BANKS
Bank lending came to 247.3 billion dirhams, showing a year-on-year
increase of 16 billion or 6.9%, slightly below the 7.9% observed at the end of
December 2003.
(*)
Not including loans granted by the banks to the financing companies.
BANK AL-MAGHRIB
97
CREDIT
Distribution of bank credit according to purpose
2002
2003
2004
Amounts Amounts Changes
in %
Debtor accounts and
overdraft facilities .......... 65 319 64 560
Equipment credit ............. 49 154 55 529
Real estate loans .............. 35 751 40 179
Consumer credit .............. 20 360 21 635
Miscellaneous claims ......
5 679
6 143
Pending claims ... ............
38 021 43 224
Total lending by
the banks (1)................
214 284 231 270
- 1.2
+13.0
+12.4
+6.3
+8.2
+13.7
+7.9
Share Amounts Changes
in %
in %
27.9
24.0
17.4
9.4
2.7
18.7
67 311
56 671
45 869
23 725
5 644
48 070
100.0
247 290
+ 4.3
+ 2.1
+14.2
+ 9.7
- 8.1
+ 11.2
+ 6.9
Share
in %
27.2
22.9
18.6
9.6
2.3
19.4
100.0
(1) Including the total of loans granted by the banks to the financial companies.
In the year under review, the outstanding amount of debtor accounts and
overdraft facilities, at 67.3 billion dirhams or 27.2% of all credit distributed by
the banks, was up by 2.8 billion or 4.3%, after a drop of 1.2% in 2003.
Equipment credit, at 56.7 billion or 22.9% of total bank credit, was up by
1.1 billion or 2.1%, after a 13% increase the previous year, which was mainly
due to the financing granted in connection with the privatisation of the Stateowned tobacco company (Régie des tabacs).
Representing 18.6% of all credit distributed by the banks, real estate loans
amounted to 45.9 billion dirhams, an increase of 5.7 billion or 14.2% following
the 12.4% rise in 2003; this was achieved particularly as a result of maintaining
the policy of encouraging the construction sector, on the one hand, and lower
costs, on the other.
Consumer credit, for its part, amounted to 23.7 billion, an increase of 2.1
billion or 9.7%, following the 6.3% rise the previous year, and accounted for
9.6% of loans granted by the banks.
98
BANK AL-MAGHRIB
CREDIT
The total amount of pending claims, at 48.1 billion, was up by 4.8 billion
or 11.2% compared to a rise of 13.7% in 2003; they thus represented 19.4% of
the banks' loan book compared to 18.7% a year earlier. Excluding the specialised banks, this rate amounts to 12.4%, which is similar to the previous year's
level. The proportion of pending claims is higher in the textiles, clothing and
leather sector, in commercial activities and in the building and public works
branch, which make up 35% of the total. The rate of coverage of these claims
by provisions amounted to 59.3% for all the banks and 72.3% if the specialised
banks are excluded.
Distribution of bank credit by term
2002
2003
2004
In million of dirhams
in %
Share
in %
Amounts Changes
in %
Share
in %
Short-term credits........
92 522
95 578
+3.3
41.3
103 252
+8.0
41.8
Medium and long term
credits ...........................
83 741
92 468
+10.4
40.0
95 968
+3.8
38.8
Medium-term credits .....
44 932
47 092
+ 4.8
20.4
43 354
- 7.9
17.5
Long-term credits ..........
38 809
45 376
+16.9
19.6
52 614
+16.0
21.3
Pending claims ......... ...
38 021
43 224
+13.7
18.7
48 070
+11.2
19.4
214 284 231 270
+7.9
100.0
247 290
+6.9
100.0
Total lending by
the banks ......................
Unlike the previous year, the growth in bank lending in 2004 reveals an
appreciably larger increase in short-term loans than in medium- and long-term
loans.
Short-term loans, amounting to 103.3 billion dirhams, in fact increased at
a rate of 8%, which was faster than the 3.3% rise achieved in 2003. At nearly
96 billion or 38.8% of the total, medium- and long-term lending was up by
3.8% compared to 10.4% the previous year. This slowdown is due entirely to
medium-term lending, which declined by 7.9%, while long-term lending recorded a rise of 16%.
BANK AL-MAGHRIB
99
CREDIT
Distribution of bank credit by sector of activity
2002
2003
2004
Amounts Amounts Changes Share
in %
in %
Primary sector.. ........... 18 576
Agriculture .................... 15 923
Fisheries ........................
2 653
Secondary sector .........
56 699
Extractive industries.....
2 590
Energy and water .........
3 068
Manufacturing...............
34 769
Building and public
works ...........................
16 272
Tertiary sector ........... 139 009
Hotels ...........................
9 705
Transport and
communications ............
6 649
Trade ............................
17 098
Financial activities .......
19 344
Households ...................
50 820
Other services ...............
35 393
Total lending
by the banks .................. 214 284
Amounts Changes
in %
Share
in %
20 816
17 631
3 185
64 838
3 391
4 607
40 826
+12.1
+10.7
+20.1
+14.4
+30.9
+50.2
+17.4
9.0
7.6
1.4
28.0
1.5
2.0
17.6
20 259
-2.7
17 799 +1.0
2 460 -22.8
66 341 +2.3
2 473 -27.1
5 249 +13.9
41 212 +0.9
8.2
7.2
1.0
26.8
1.0
2.1
16.7
16 014
145 616
11 103
-1.6
+4.8
+14.4
6.9
63.0
4.8
17 407 +8.7
160 690 +10.4
9 163
-17.5
7.0
65.0
3.7
7 382
19 100
19 275
57 490
31 266
+11.0
+11.7
-0.4
+13.1
-11.7
3.2
8.3
8.3
24.9
13.5
8 088 +9.6
19 051
-0.3
26 406 +37.0
68 316 +18.8
29 666
-5.1
3.3
7.7
10.7
27.6
12.0
231 270
+8.0
100.0
247 290
+6.9
100.0
In 2004, most bank loans were extented to the tertiary sector and, to a lesser extent, to the secondary sector.
At 20.3 billion dirhams or 8.2% of the total credit distributed by the banks,
loans to the primary sector were in fact down by 557 million or 2.7%. This
decline was accounted for solely by loans granted to fisheries activities, which
declined by 22.8% year-on-year, after recording a 20.1% increase in the previous year. Facilities granted to agricultural activities grew by just 1% compared to 10.7% in 2003.
The outstanding amount of lending to the secondary sector totalled 66.3
billion, an increase of 1.5 billion or 2.3%, a slower rate than the 14.4% obser-
100
BANK AL-MAGHRIB
CREDIT
ved at the end of the previous year. This slowdown is attributable to the lower
rate of growth in lending to manufacturing industry, which stood at 0.9% compared to 17.4% in 2003, and to the decline in the amount of finance granted to
the extractive industries.
Lending to the tertiary sector, 42.5% of which went to households and
28.3% to commercial and financial activities, amounted to 160.7 billion
dirhams, a sharp rise of 15.1 billion or 10.4% compared to 4.8% a year earlier.
CREDIT DISTRIBUTED BY THE FINANCING COMPANIES
2002
In millions
of dirhams
Consumer credit
companies ......................
Leasing companies.........
Real estate loan
companies.......................
Factoring companies ......
Security companies .........
Total lending by
the financing companies
2003
in %
2004
Share Amounts Changes Share
in %
in %
in %
20 202
12 393
21 623
12 541
+7.0
+1.2
59.6
34.6
23 300
15 458
+7.8
+ 23.3
57.8
38.4
1 241
602
413
1 162
596
352
-6.4
-1.0
-14.8
3.2
1.6
1.0
448
793
271
- 61.4
+33.1
-23.0
1.1
2.0
0.7
34 851
36 274
+4.1
100.0
40 270
+11.0
100.0
The growth in credit distributed by the financing companies is due mainly
to the continued development of consumer credit activities and the rapid increase in leasing and factoring.
The facilities granted by the consumer credit companies amounted to 23.3
billion dirhams or 57.9% of financing company lending, and were up by 1.7
billion or 7.8% compared to 7% in 2003. Personal loans for unspecified purposes constituted 61.1% of these companies' loan book and those for the purchase of vehicles accounted for almost 18%.
BANK AL-MAGHRIB
101
CREDIT
Financing provided by the leasing companies expanded strongly, up by 2.9
billion or 23.3%, after showing a rise of just 1.2% at the end of the previous
year. Purchases of movable property accounted for 77.8% of these facilities and
those of real estate for 22.2%.
Lending by the factoring companies amounted to 793 million, an increase
of 197 million or 33.1%, compared to a drop of 1% in 2003.
On the other hand, loans granted by the real estate credit companies totalled 448 million, a sharp decline of 714 million or 61.4% following that of 6.4%
observed the previous year.
Lastly, lending by the security companies, amounting to 1.2 billion, was
down by 24%; credits by signature, which represent 78.3% of the total, fell by
24.2% and those by disbursement by nearly 23%.
DISTRIBUTION OF LENDING BY CREDIT INSTITUTIONS
ACCORDING TO ECONOMIC AGENT
In millions
of dirhams
2002
2003
in %
Companies ...................... 135 378 140 991
Individual entrepreneurs.. 22 036
25 830
Individuals ...................... 68 681
76 036
Local authorities .............
7 825
8 385
+ 4.1
+ 17.2
+ 10.7
+ 7.2
Total lending by the
credit institutions ........... 233.920
+ 7.4
251 242
2004
Share
in %
56.1
10.3
30.3
3.3
100.0
Amounts Changes
in %
147 262
23 050
87 916
9 565
267 793
+ 4.3
- 1.9
+ 8.1
+ 0.8
+11.2
Share
in %
55.0
8.6
32.8
3.6
100.0
Amounting to 147.3 billion dirhams at the end of December 2004, loans to
companies represented 55% of lending by credit institutions, a rise of 6.3 billion or 4.3%, similar to the previous year's rate of increase.
______________________________________________________________________
102
BANK AL-MAGHRIB - Annual Report - 2004
CREDIT
Lending to individuals amounted to 87.9 billion or 32.8% of the total, an
increase of 11.9 billion or 8.1% compared to 10.7% in 2003, reflecting the
interest shown by the banks in this group of customers. Facilities granted to
individual entrepreneurs, on the other hand, fell by 2.8 billion or 1.9% to 23.1
billion or 8.6% of all lending by the credit institutions.
MICROCREDIT
Since 1999, microcredit activity has had a statutory framework with the
promulgation of Act number 18-97, which defines microcredit associations and
sets out the conditions for the exercise of their activity. This Act stipulates in
particular that all microcredit associations must be approved in advance by the
Ministry of Finance. In addition to granting microloans, the maximum amount
of which is set at 50 000 dirhams, associations may also provide services such
as training, advice and technical assistance for their clients.
Associations are also authorised to contract loans and to receive financial
support from the public and private sectors.
In addition, associations enjoy fiscal advantages; for example, lending
operations are exempt from VAT and imports of equipment from customs duties
for the first five years of activity. Any grants made to them are also deductible
from the taxable amount of corporation tax and general income tax.
To ensure the transparency of their operations, the Act created a Supervisory Committee to monitor the associations' activities, made up of Government
representatives. Associations are also required to have an external audit of their
management carried out annually and whenever necessary.
The Act also provides for the setting up of a National Microcredit Council,
which advises the Ministry of Finance on all matters relating to microlending
activity, and of a federation whose role is to organise the profession and oversee
its development.
BANK AL-MAGHRIB
103
CREDIT
The Banking Act, which is in the process of being adopted, extends Bank
Al-Maghrib's supervisory powers to microlending activity. Accounting and
internal audit standards appropriate to the sector will be defined for this
purpose.
There are 12 microcredit associations, one of which is at the start-up stage.
The sector, which is dominated by three large associations, is expanding at a
considerable rate. Since 1993 and up to the end of December 2004, microcredit
associations have in fact distributed a total of 5.5 billion dirhams to 2.2 million
beneficiaries.
At the end of 2004, the amount of outstanding loans totalled 890 million
dirhams, up by 64% on the previous year. These loans went to 460 000 active
customers, 72% of them being women, and enabled 1 800 permanent jobs to be
created. The rate of repayment, which is just short of 100%, may be explained
in particular by the fact that microloans are granted to groups of persons whose
members are jointly liable and undertake to repay the share of those who might
be unable to pay their debts.
104
BANK AL-MAGHRIB
CREDIT INSTITUTIONS
The legislative framework governing the activity and supervision of credit
institutions has been recast in the new Banking Act, which is currently being
adopted by Parliament and which clarifies and extends Bank Al-Maghrib's
powers in the field of banking supervision. This Act's provisions in fact make
Bank Al-Maghrib responsible for the granting and withdrawal of licences, for
drawing up the prudential and accounting rules and for managing the process of
rehabilitation of institutions in difficulty.
The regulatory framework governing the activity of credit institutions was
amended in 2004. In addition to setting minimum rules regarding the duty of
vigilance and laying down the conditions for the operation of foreign currency
accounts, detailed rules for the activity of representative offices were introduced in November 2004, under which such activities must be confined to information exchange, liaison and representation to the exclusion of banking operations.
With competition becoming more intense and in a context of abundant
liquidity, Bank Al-Maghrib once again reminded the banks of the need to include all their financial and operating costs in their lending rates and to ensure a
minimum remuneration on their own funds. The monetary authorities also
amended the rules for the granting of variable-rate loans, stipulating that the
annual review must take place on the agreed date and no longer on the anniversary date and replacing the interbank rate by the weighted average rates of
Treasury bills as the reference for calculating the variable interest rates.
With regard to the foreign exchange regulations, the banks were authorised in 2004 to carry out, for their own or their customers' account, hedging operations against the risks of fluctuation in the prices of basic products and of
exchange rate and interest rate volatility.
BANK AL-MAGHRIB
105
CREDIT INSTITUTIONS
At the end of 2004, the credit institutions sector comprised 17 banks(1),
down from 18 the previous year, following a merger/takeover operation(2), and
40 financing companies, compared to 44 in 2003. The number of the latter
declined as a result of the merger of two consumer credit companies and two
leasing companies and the withdrawal of three licences, relating to a means of
payment company, a consumer credit company and Société Marocaine des
magasins généraux, while a new licence was granted to a consumer credit company. The banking network was extended with the opening of 94 permanent
offices, taking their number to 2 043 units, one office for nearly 15 000 inhabitants, at the end of 2004.
With regard to the six offshore banks situated in Tangiers, five were operational at the end of December 2004, with a balance sheet total of 834.4 million
dollars, an increase of 53% after a rise of 40% observed the previous year.
ACTIVITY OF THE BANKS
At the end of December 2004, the total of the cumulative balance sheet of
the 17 approved banks came to almost 414 billion dirhams. The trend towards
concentration continued apace in the year under review, with the balance sheet
totals of the three major banks combined representing 63.7% of the whole compared to 52.8% the previous year. On the other hand, the share of the five
medium-sized institutions fell from 36.5% to 31.3%, while that of the nine
other banks remained at around 5%.
(1) Including the Crédit Populaire, whose network consists of the Banque Centrale
Populaire and 11 regional popular banks instead of 12.
(2) Banque Commerciale du Maroc and Wafabank
106
BANK AL-MAGHRIB
CREDIT INSTITUTIONS
Number of
Amounts in
billions of dirhams
banks
2003
2004
Cumulative balance sheet
In billions
of dirhams
2003
2004
In %
2003
2004
40 and above .........................
From 20 to less than 40 .........
From 10 to less than 20 .........
Less than 10..........................
3
5
1
9
3
5
0
9
203.5
140.8
19.7
21.7
263.6
129.6
0
20.6
52.8
36.5
5.1
5.6
63.7
31.3
0.0
5.0
Total ......................................
18
17
385.7
413.8
100.0
100.0
The banks' assets
The banks' assets totalled more than 424 billion dirhams(1), a rise of over
26 billion or 6.7% from year-end to year-end, compared to 8.1% in 2003. This
expansion is explained mainly by the growth in lending to the private sector
and by the increase in the banks' credit balances at Bank Al-Maghrib, as well as
by the higher balances recorded with foreign correspondents(2).
The outstanding amount of the loans granted by the banks to the private
sector came to 247.3 billion dirhams, representing 58.3% of their assets, an
increase of 16 billion or 6.9% compared to 17 billion or 7.9% at the end of
2003. At the same time, pending claims rose from 43.2 billion to 48.1 billion
dirhams, thus accounting for 19.4% of the total amount of outstanding loans.
The banks' cash holdings and liquid assets totalled 49.2 billion dirhams at
the end of 2004, up by 21.7% due mainly to the increase of nearly 9 billion in
the banks' assets with Bank Al-Maghrib, itself the result chiefly of the rise in
current account credit balances at the Central Bank and in deposit facility
balances.
(1) Miscellaneous assets and liabilities have been offset against each other.
(2) See Statistical Appendix XIV-1.
BANK AL-MAGHRIB
107
CREDIT INSTITUTIONS
The banks' assets with foreign correspondents amounted to 12.1 billion
dirhams at the end of December 2004, an increase of almost 4 billion or 44%,
the result of the relaxing of foreign exchange regulations, allowing banks to
engage in operations on the international market.
The portfolio of Treasury bills held by the banks, at 71.8 billion, showed a
decline of 4.7 billion or 6.1% at the end of December 2004, compared to an
increase of 1.3 billion or 1.7% in 2003. This trend masks a 3.7 billion reduction
in net subscriptions by the banks for Treasury bills issued by tender and a slight
increase in purchases of one-year Treasury bills for the financing of socio-economic programmes.
Other portfolio securities totalled 28.1 billion dirhams, an increase of
8.7% compared to 5.2% in 2003, the result of a rise in both shareholdings and
investment securities, the outstanding amount of which reached 15.9 billion and
12.2 billion dirhams respectively.
Lastly, interbank transactions amounted to 3.1 billion dirhams, down by
10.9% as a result of the easy state of the banks' cash holdings.
The banks' liabilities
The development of the banks' liabilities in 2004 was marked by an
increase in sight accounts and a reduction in borrowing.
Customer deposits increased, from year-end to year-end, by 23.7 billion or
8.1% compared to 10.1% in 2003, reaching almost 317 billion dirhams or
74.7% of the banks' liabilities. More than half of this comprises non-interestbearing sight deposits, which amounted to 185.8 billion, an increase of 19.3 billion or 11.6% following a 12.5% rise in 2003. Interest-bearing deposits totalled
131.2 billion, an increase of 4.4 billion or 3.5%, owing chiefly to the 3.9 billion
growth in savings accounts, time deposits being virtually unchanged.
108
BANK AL-MAGHRIB
CREDIT INSTITUTIONS
The banks reduced their indebtedness in 2004, the outstanding amounts of
bond loans in dirhams and foreign loans having decreased, year-on-year, from
6.7 billion to 5.4 billion and from 10.8 billion to 8.2 billion dirhams respectively. The total for certificates of deposit declined by 1 billion.
At the same time, the banks increased their capital and reserves by more
than 1 billion to nearly 34 billion or 8% of their liabilities, excluding the year's
results.
Lastly, provisions increased by 4.3 billion or 14.8% to 33.6 billion
dirhams, 85% of which were formed to cover pending claims.
ACTIVITY OF THE FINANCING COMPANIES
At the end of 2004, the combined balance sheet totals of the financing
companies amounted to 44 billion dirhams, showing a rise of 4.8 billion or
12.3% compared to 2.4 billion or 6.5% the previous year. This growth is largely
due to the consumer credit companies and leasing companies, whose activity
increased by 10.5% and 12.4% respectively(1).
Consumer credit companies
At 25.1 billion dirhams, the balance sheet total of the 22 consumer credit
companies recorded a rise of 2.4 billion or 10.5%, higher than the previous
year's increase of 7.9%. Loans, which make up nearly 93% of this, were up by
1.8 billion to more than 23 billion dirhams.
Pending claims, at 4.7 billion dirhams, were unchanged compared to the
previous year, representing 20% of the consumer credit companies' loan book.
At the same time, the corresponding provisions rose from 3.7 billion to 4 billion, taking the rate of coverage of pending claims from 78.2% to 85.8%.
(1) See Statistical Appendices XIV-2 and XIV-3.
BANK AL-MAGHRIB
109
CREDIT INSTITUTIONS
Leasing companies
The activity of the eight leasing companies was strengthened in 2004,
their balance sheet total rising by 12.4% to nearly 16 billion dirhams as a result
of a 1.7 billion or 12.4% increase in outstanding loans, which amounted to 15.5
billion dirhams.
Pending claims rose by 8.5% to 1.7 billion and were covered, to the extent
of 84%, by provisions, which increased by 11.6% in 2004.
Other financing companies
In 2004, the activity of the other financing companies was characterised
by a sharp decline of 28.4% in disbursement loans to 1.5 billion. This development is attributable to the 61.4% contraction in loans granted by the real estate
credit companies, which amounted to 448 million, and to the reduction of nearly 23% in lending by security companies. Lending by factoring companies, on
the other hand, showed a rise of 33% to 793 million.
The reduction in the maximum agreed interest rate, combined with the
generally lower interest rate level as well as the increase in the cost of the credit
risk and in structural costs adversely affected the position of a number of financing companies. Quite apart from the specific problems of the companies in difficulty, a restructuring of the sector as a whole ought to be envisaged. While
this should of course include the method of calculating the maximum agreed
interest rate, consideration should also be given to the governance of financing
companies and to whether the sector should move towards greater concentration.
PRUDENTIAL RATIOS
The banking sector as a whole continued to comply with the various prudential rules. Thus, the solvency ratio averaged 10.2% in 2004, exceeding the
regulation ratio of 8% which banking institutions are required to maintain bet-
110
BANK AL-MAGHRIB
CREDIT INSTITUTIONS
ween the total of their capital and reserves and their assets and signature commitments, weighted according to their degree of risk. Similarly, at the end of
2004 the liquidity ratio amounted on average to 120.78%, thus exceeding the
minimum ratio of 100% which the banks have to maintain between, on the one
hand, liquid assets and those realisable at short term and, on the other, sight and
short-term liabilities.
With regard to the banks' overall exchange positions, long positions rose
from an average of 1.4% to 3.5%, while short positions declined from 2.2% to
1.3%; these rates are well below the maximum rate, set at 20% of their net capital and reserves.
BANK AL-MAGHRIB
111
THE CAPITAL MARKET
THE CAPITAL MARKET
The outstanding features of the year were the continuing recovery of stock
market activity and the growth in issues of negotiable debt securities. At the
same time, the process of updating the legal provisions governing the capital
market resulted in 2004 in some major reforms and renewed activity in the
various compartments. Thus, the laws concerning the Stock Exchange, UCITS,
the Transferable Securities Ethics Board (CDVM) and the central depository
were amended, while two laws, concerned respectively with public tenders on
the stock market and repurchase operations, were promulgated.
The importance that repurchase operations had assumed on the secondary
market for Treasury bills in fact made it necessary to put in place a regulatory
framework for such transactions. The law promulgated in May 2004 defined
the entities operating in this compartment and the instruments that may be
repurchased and set out detailed rules for making such transactions secure.
The recasting of the law concerning the Stock Exchange made it possible
to redefine the various compartments of the stock market and the conditions for
the listing of shares, at the same time as creating a new compartment devoted to
dealings in shares of collective securitisation investment and risk capital investment undertakings. The revision of the law on the CDVM extended its supervisory and investigatory powers to all operators on the capital market and widened its prerogatives concerning penalties. The recasting of the law governing
UCITS introduced in particular the principle of classification of these undertakings and widened their scope for investing in negotiable debt securities by
treating them in the same way as transferable securities. Moreover, the amendment to the law governing the central depository chiefly made it possible to
strengthen the provisions designed to ensure that issuers of securities are authorised to participate in the operations of Maroclear. Lastly, April 2004 saw the
112
BANK AL-MAGHRIB
THE CAPITAL MARKET
promulgation of a law on public tenders on the stock market, defining the procedures for such operations and ensuring equal treatment for investors.
To take account of the changing regulatory framework, the Transferable
Securities Ethics Board revised a number of its circulars. Thus, the Board
strengthened the provisions obliging anyone whose holding in a listed company
exceeds a certain threshold to declare the fact and those concerning the information note required of legal persons gathering savings from the public. It also
specified the methods to be used for valuing the securities held in UCITS portfolios.
THE INTERBANK MARKET
The context of abundant liquidity encouraged the continuing downward
trend in interest rates, which was reinforced with the revision of the operational
framework of monetary policy at the beginning of 2004. In these circumstances, the average interbank rate fell by 83 basis points to 2.39%, while the
volume of transactions in this compartment rose, on average, from 963 million
to 1.3 billion dirhams(1).
THE MARKET FOR TREASURY BILLS
Thanks to the improvement in the State's cash holdings, the Treasury was
able to cover its financing requirement by recourse to the tender market and to
do so at falling interest rates owing to the abundance of funds available. There
was strong growth in the volume of transactions on the secondary market.
ISSUES OF TREASURY BILLS
The total volume of tenders came to 308 billion, compared to 189 billion
dirhams in 2003. Of this amount, the Treasury kept 75.2 billion, i.e. less than a
quarter, compared to 66.5 billion or 35% the previous year. Subscriptions by
(1) See Statistical Appendix XV-1.
BANK AL-MAGHRIB
113
THE CAPITAL MARKET
the banks, both for their own account and on behalf of their customers, rose
from 39.6 billion to 47.8 billion and those by the Deposit and Management
Fund from 20.4 billion to 21.9 billion.
Unlike the trend observed in 2003, issues of short-term bills declined by
over a third to 22.1 billion dirhams. With repayments totalling 27.5 billion, the
outstanding amount of short-term bills was down by 23.3%, reaching 18.1 billion dirhams at the end of December.
The rates of interest on short-term issues showed, on average, falls ranging
from 82 basis points for 52-week bills to 98 basis points for 13-week bills.
They were therefore within a range of 2.42% to 3.03% compared with 3.40% to
3.85% during the previous financial year.
The low levels reached by rates on short-term securities resulted in an
increase in demand for medium- and long-term bills, thus enabling the Treasury
to extend the average term of its borrowing. Issues of medium- and long-term
bills in fact rose from 32.9 billion to 53.1 billion dirhams, mainly the result of
the expansion in the volume of 5-year and 10-year maturities issued, which
amounted to 32.9 billion compared to 20.8 billion in 2003. When repayments of
29.9 billion are taken into account, the outstanding amount of medium- and
long-term bills totalled 196.7 billion dirhams at the end of December 2004, an
increase of 13.4%.
In line with the trend observed over the last few years and thanks to inflation being brought under control, the downward trend in rates of remuneration
on medium- and long-term securities continued, although it was less pronounced. Thus, average rates recorded declines ranging from 33 basis points to 60
basis points, taking them to 4.50% for 5-year bills and to 5.10% for 10-year
bills, compared to 4.83% and 5.70% respectively in 2003(1).
(1) See Statistical Appendices XV-2 to XV-4.
114
BANK AL-MAGHRIB
THE CAPITAL MARKET
The secondary market for Treasury bills
Activity on the secondary market again increased markedly in 2004, with
the value of transactions rising, on a monthly average, from 231 billion to 368.6
billion dirhams. This expansion, which is still linked to the importance of temporary borrowing and lending operations, also masks an increase in firm transactions, which rose, on a monthly average, from 5.7 billion to 8.4 billion, reaching a total of 100.2 billion. Owing to the downward trend in interest rates, the
number of transactions relating to medium and long maturities, offering opportunities for capital gains, was up and accounted for almost 70% of the volume
of firm trades.
OTHER NEGOTIABLE DEBT SECURITIES
Thanks to the abundant liquidity and the decline in interest rates, issues of
negotiable debt securities recovered markedly in 2004 after recording a fall the
previous year. The total volume of issues in fact rose from 2.9 billion to almost
6 billion dirhams. This development is attributable to the far greater recourse
made by non-financial enterprises to the commercial paper market, which totalled 4.4 billion. Conversely, issues of bills of financing companies, at 1.3 billion,
were down by 38%, while those of certificates of deposit amounted to only 275
million, reflecting the easy state of the banks' cash holdings.
With repayments totalling 4.7 billion, the outstanding amount of negotiable debt securities increased from 8.2 billion to 9.5 billion dirhams, including
5.6 billion in bills of financing companies and 2.7 billion accounted for by
commercial paper(1).
In parallel with the decline in the rates applied to Treasury issues, the
downward movement in the rates of remuneration offered on negotiable debt
securities continued in 2004. In fact, despite the differentiation in the premiums
demanded by investors, depending on the issuers' risk profiles, the latter benefi(1) See Statistical Appendix XV-5.
BANK AL-MAGHRIB
115
THE CAPITAL MARKET
ted from falling rates. Thus, for commercial paper, the rates for the most frequent term, that is 3 months, were between 2.85% and 3.95%, lower than the
spread of 3.55% to 5.10% recorded in 2003. In the case of bills of financing
companies, securities with a 3-year maturity ranged from 3.65% to 7%, down
from 4.50% to 7% the previous year.
BOND ISSUES
In 2004, bond loans issued totalled 5.6 billion dirhams compared to 4.2
billion a year earlier. The largest volumes were raised by the National Investment Company (SNI), which issued bonds for a sum of 1.2 billion at 5 years,
paying 4.65%, Lydec, which issued a loan of 1.1 billion for a period of 15
years, including 775 million at a fixed rate of 6.77% and the remainder at a
variable rate, and the Office for the Operation of Ports (ODEP), whose 5-year
issue for an amount of 700 million attracted a rate of 5.20%. The National
Railway Office and the Real Estate and Hotel Credit Fund issued governmentguaranteed loans with a maturity of 15 years at rates of 5.55% and 5.32% respectively.
THE STOCK EXCHANGE
The development of the main stock market indicators was influenced by
the transfer of part of the capital of Maroc Telecom on the Casablanca Stock
Exchange. The upward movement in stock market prices, which began in 2003,
in fact continued, with the MASI and MADEX indices recording rises of 14.7%
and nearly 11% respectively(1). Thus, having risen continually over the first four
months, the indices then entered a phase of fluctuation. The decline that began
in September was accentuated in October owing to the arbitrages made in the
run up to the flotation of Maroc Telecom. Once that operation was completed at
the end of the year, the upward trend resumed, resulting in a monthly rise of
nearly 15% in the MASI index for December alone.
(1) See Statistical Appendix XV-6.
116
BANK AL-MAGHRIB
THE CAPITAL MARKET
At the same time, stock market capitalisation rose, year-on-year, from
115.5 billion to 206.5 billion dirhams, thus representing 46.2% of GDP compared to 27.6% a year earlier. This development was due mainly to the flotation of
Maroc Telecom and, to a lesser extent, of Banque centrale populaire, taking the
number of listed companies to 53.
The volume of transactions grew by more than a third, reaching 71.8 billion dirhams. However, it was down by more than a fifth if the turnover generated by the BCM-Wafabank listing and exchange offer, estimated at 30 billion
dirhams overall, is excluded. This development is attributable to transactions on
the block-trading market, the amount of which fell by one half to 19.5 billion
dirhams. On the other hand, the volume of transactions on the central market,
which increased from 13.1 billion to 16.2 billion dirhams, mainly related to trading in shares.
Listed companies distributed dividends totalling 6 billion dirhams, up by
11.2% on the previous year. However, at 2.9% the general yield rate on the
stock exchange was down by 37.7%. This drop is more a reflection of the
increase in stock market capitalisation. The partial yield rate was in fact virtually unchanged at 4.8%.
BANK AL-MAGHRIB
117
FINANCIAL SAVING
FINANCIAL SAVING
In a context marked by the persistence of excessive bank liquidity and by
falling interest rates, investments by non-financial agents were geared more
particularly towards the formation of sight or realisable assets.
The financial assets of non-financial enterprises and individuals in fact
showed an increase of 60 billion dirhams in 2004, following that of 49.2 billion
observed in 2003(1). This strengthening of financial saving involved virtually all
investments to a greater or lesser extent, liquid assets in particular, which rose
markedly, chiefly as a result of the increase in sight deposits with the banking
system. Similarly, there was an appreciable rise in sight and short-term investments, especially in the form of savings accounts, while medium-term investments declined for the second year running. There was a marked increase in
securities of UCITS, mainly bond UCITS, the prices of which rose as a result
of the decline in interest rates.
Long-term saving, for its part, was consolidated with the increase in the
technical provisions of insurance companies and pension and provident institutions. Subscriptions for company shares were higher than the previous year,
owing in particular to the increase in capital contributions for the formation of
public limited companies.
The table below shows the movement of investments by individuals and
non-financial enterprises during the last three years :
(1) See Statistical Appendices XVI-1 to XVI-3.
118
BANK AL-MAGHRIB
FINANCIAL SAVING
2002
2003
2004
Net flows
2003
2004
Liquid assets ................................... 234 946 257 835 282 094
Short-term investment .................... 129 734 138 498 146 047
Medium-term investment ...............
4 854
3 771
2 557
Securities of UCITS........................ 30 943 28 175 36 124
Institutional saving ......................... 103 320 114 546 129 102
22 889 24 259
8 764
7 549
-1 083 -1 214
-2 768 7 949
11 226 14 556
Sub-total ......................................
39 028 53 099
503 797 542 825 595 924
Company shares .........................................................................
of which : . Newly issued securities .................................
. Shares of privatised companies .....................
9 068 11 674
9 068 11 674
-
Total ..........................................................................................
Adjustment..................................................................................
48 096 64 773
1 111 -4 792
Total net ....................................................................................
49 207 59 981
LIQUID ASSETS
Liquid assets were up by 24.3 billion dirhams compared to 22.9 billion in
2003, the result of a 4.5 billion dirhams rise in holdings of notes and coins and
in particular the 19.4 billion increase in sight deposits with the banking system.
The latter masks both a 14.1 billion increase in cheque accounts, including 5.5
billion dirhams in deposits by Moroccans living abroad, and a 3.8 billion rise in
enterprises' current accounts, especially at the end of the year.
SIGHT AND TIME INVESTMENTS
From year-end to year-end, sight and time investments grew by 6.3 billion
dirhams compared to 7.7 billion the previous year. This was the result of an
increase of 7.5 billion in sight and short-term investments, whereas mediumterm investments declined for the second year running, by 1.2 billion dirhams.
BANK AL-MAGHRIB
119
FINANCIAL SAVING
Deposits in savings book accounts were strengthened in the year under
review, showing a net flow of 5.1 billion dirhams compared to 4.7 billion in
2003, the result of a 3.9 billion rise in assets with the banks and 1.2 billion in
those managed by the National Savings Fund. The rates of remuneration on
these savings accounts amounted to 2.35% and 2.10% respectively during the
second half of 2004, a decline of 60 and 26 basis points compared to the same
period in 2003. In response to the decline in rates paid on bank savings book
accounts, it was decided to revise the method of calculating the minimum rate
of interest payable on such deposits; therefore, from January 2005 it will be
equal to the weighted average rate of 52-week Treasury bills issued by tender
during the previous half-year less 50 basis points rather than 100 basis points as
before.
Assets on time accounts and fixed-maturity bills, for their part, increased
by 1.9 billion dirhams compared to 3.5 billion in 2003. This slowing down is
the result of arbitrages made by non-financial agents in favour of other investments that provide a better return or are more liquid. The weighted average
rates of 6-month and 1-year accounts and bills came to 3.29% and 3.48% respectively at the end of December 2004, a decline of 10 and 31 basis points
compared to the end of the previous year.
Investments by non-financial agents in government securities in the year
under review produced a positive flow of 212 million dirhams, after recording a
negative balance of 1.2 billion the previous year. This movement masks in particular an increase of one billion dirhams in net subscriptions for Treasury bills
issued by tender and a decline of 730 million in Government loans, the last instalments of which were repaid in 2004. The outstanding amount of 6-month
Treasury bills, up by 444 million dirhams in 2003, fell slightly as a result of the
decline of 120 basis points in their rate of remuneration from one year-end to
the next, which was more marked than that of other investments.
120
BANK AL-MAGHRIB
FINANCIAL SAVING
SECURITIES OF UCITS
The outstanding amount of the securities of UCITS held by non-financial
enterprises and individuals increased by around 8 billion dirhams in the year
under review, having fallen by 2.8 billion in 2003. This trend reflects the marked recovery in securities of bond UCITS, which in 2004 showed a positive
balance of 7.3 billion dirhams compared to a negative flow of 3.3 billion in
2003, the prices of bond UCITS having risen following the fall in interest rates.
Thus, the performance index of bond UCITS, which tracks the average trend in
their liquidation values, rose by 5.5% in 2004 and their net assets by 19.3%.
Investments in securities of share and diversified UCITS rose for the
second year in succession, amounting in the year under review to 655 million
dirhams. This was the result of the favourable trend in stock market activity, as
confirmed by the rise, of 14.7% and 11% respectively, in the MASI and
MADEX indices in 2004. The performance indices of the share and diversified
UCITS benefited from this overall development, rising by 11.8% and 10.7%
respectively.
In all, out of net total assets estimated at 81.1 billion dirhams at the end of
2004, the share of securities of UCITS held by non-financial enterprises and
individuals amounted to 44.6% compared to 47.5% in 2003, owing to the fall in
their share held in share and diversified UCITS, from 33.5% to 30.6%, while
their share in bond UCITS rose from 30.5% to 34.5%.
COMPANY SHARES
Net investment in newly issued company shares amounted to 11.7 billion
dirhams in the year under review, an increase of 2.6 billion or 28.7% following
a fall of 6.1 billion or 40.3% recorded in 2003 which, as a matter of fact, coincided with the end of the period allowed for enterprises to comply with the law
on public limited companies. This significant increase masks in particular an
appreciable rise in contributions of capital and reserves for the formation of this
type of company and smaller reductions in their capital.
BANK AL-MAGHRIB
121
FINANCIAL SAVING
2001
2002
2003
2004
Gross increase in capital.....................
- Capital increases....................................
- Public limited companies........
Cash contributions ................
Incorporation of reserves .......
Contributions in kind ..............
21 282
10 801
7 920
4 124
2 595
1 201
18 978
15 615
11 874
7 267
2 027
2 580
14 504
12 300
8 828
4 858
2 010
1 960
15 937
12 561
8 165
3 763
1 868
2 534
- Limited liability companies.....
2 881
3 741
3 472
4 396
- Formation of companies........................
- Public limited companies...... ................
- Limited liability companies...................
10 481
3 480
7 001
3 363
614
2 749
2 204
651
1 553
3 376
2 185
1 191
Capital reductions ................. ............
-8 499
-3 784
-5 436
-4 263
- Public limited companies. ......
Reduction. ...............................
Winding up and mergers.........
Transformation. ......................
- Limited liability companies....
Net increase in capital ........................
8 074
531
2 274
5 269
425
12 783
3 116
1 641
714
761
668
15 194
4 384
2 116
1 823
445
1 052
9 068
2 367
1 169
879
319
1 896
11 674
-
-
-
Shares of privatised companies .........
-
Gross increases in capital amounted to 15.9 billion dirhams in the year
under review, up by almost 10%. They were made by 8 486 enterprises, including 8 069 limited liability companies and 417 public limited companies. Thus,
capital increases totalled 12.6 billion dirhams, up slightly on the previous year.
Of this total, public limited companies contributed 8.2 billion dirhams, of
which 3.8 billion was accounted for by cash contributions, 1.9 billion by incorporation of reserves and 2.5 billion by contributions in kind. Limited liability
companies increased their capital and reserves by 4.4 billion compared to 3.5
billion the previous year.
Capital contributions for the formation of new companies, numbering 6
402 in 2004, increased year-on-year by more than a half, reaching 3.4 billion
dirhams, including 1.6 billion for the formation of one public limited company
operating in the financial sector. Limited liability companies, for their part, raised 1.2 billion dirhams compared to 1.6 billion in 2003.
122
BANK AL-MAGHRIB
FINANCIAL SAVING
INSTITUTIONAL SAVING
The total amount of funds managed by the pension and provident institutions and insurance companies at the end of December 2004 is estimated at
129.1 billion dirhams, an increase of 14.6 billion compared to 11.2 billion the
previous year.
The technical provisions of pension and provident institutions expanded
by 9.8 billion dirhams in 2004, reaching 67.8 billion, including 34.7 billion formed by the institutions managed by the Deposit and Management Fund(1), a rise
of 8.1 billion compared to 5.2 billion a year earlier. As of 1 January 2004, the
Collective Pension Allocation Scheme (RCAR) in fact took over the in-house
pension funds of Lydec and the Office for the Operation of Ports (ODEP), the
totals involved amounting to 2.5 billion and 2.3 billion dirhams respectively.
This scheme will benefit 3 200 employees and 1 800 pensioners of Lydec and 3
440 staff members and 3 320 pensioners of the ODEP. At the same time, the
National Pension and Insurance Fund (CNRA) and the CNIA insurance company concluded an agreement for the takeover of the latter's industrial accident
portfolio for a total of 181 million dirhams.
The National Social Security Fund, for its part, increased the funds held in
its name by the Deposit and Management Fund to 15.7 billion dirhams, an
increase of 617 million compared to that of 434 million dirhams in 2003,
thanks in particular to the improvement in its debt collection system and control
procedures.
By the end of December 2004, the insurance companies had formed technical provisions estimated at 61.3 billion dirhams, an increase of 4.7 billion
after a rise of 3.4 billion the previous year. The amount of premiums written by
the sector totalled 11.8 billion dirhams compared to 12.3 billion in 2003. This
reduction is due to the recovery by the Moroccan Central Pension Fund
(1) The National Pension and Insurance Fund (CNRA) and the Collective Pension
Allocation Scheme (RCAR).
BANK AL-MAGHRIB
123
FINANCIAL SAVING
(CIMR) of the employee's contribution, which was previously managed by the
insurance companies. The sector was also marked by the decline of around 12%
in the turnover of the Industrial Accidents branch; this had risen by around 60%
in 2003 following the entry into force of the law governing industrial accidents
and the increase in premiums, but in the year under review the trend returned to
normal.
The year 2004 saw the adoption of a law reforming the National Social
Security Fund (CNSS) and giving its Board greater autonomy through, in particular, the redefinition and extension of its powers. To enable it to deal with its
new responsibilities, the Fund brought in a plan to restructure its medical units,
based in particular on the overhaul of the structure of charges and the development of the contract system in order to prepare the ground for the delegated
management of its clinics that is to come into effect in 2008.
In addition, Act number 65.00 on the basic medical cover code, promulgated by dahir number 1-02-296 of 3 October 2002, made the Fund responsible
for managing compulsory sickness insurance for persons covered by the social
security scheme and their dependants and for recipients of private sector pensions. The management of compulsory sickness insurance for civil servants and
State and local government employees will be entrusted to the National Provident Institutions Fund.
As part of the efforts being made by the authorities to restructure pension
schemes, it was decided that the provisions of the Insurance Code would not
apply to the Moroccan Central Pension Fund until 2008, as it is continuing to
implement its recovery plan. Similarly, the 2005 Finance Act provided that the
State would settle its arrears with the Moroccan Pension Fund, amounting to 11
billion dirhams, and pay it 1.3 billion dirhams in respect of the one percentage
point increase in 2004 and 2005 in the employer's contribution payable by the
State for civil personnel and the increases in civil servants' salaries planned for
2005.
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BANK AL-MAGHRIB
THE BALANCE SHEET OF THE BANK AL-MAGHRIB
The balance sheet of Bank Al-Maghrib, after distribution of profits, totalled 161 873.2 million dirhams at the end of 2004, showing a rise of 16 827.6
million or 11.6%, following the 15.2% expansion recorded a year earlier.
The largest increases were attributable, on the assets side, to a rise in
assets in convertible currencies and, on the liabilities side, to the growth in the
note and coin circulation and in the credit balances of banks.
It should be pointed out in this connection that, with effect from January
2005, Bank Al-Maghrib has adopted a new accounting plan in line with international standards, for the purpose of presenting its financial statements which, in
accordance with its new statutes, will have to be certified by an auditor.
ASSETS
Gold, special drawing rights and
convertible currencies
At the end of 2004, the gross external assets of Bank Al-Maghrib amounted
to 136 606.7 million dirhams, representing 84.4% of total assets. They rose by
13 072.7 million or 10.6% compared to 17.3% in 2003. This trend was due solely
to the expansion in assets of convertible currencies, the result of the continuing
favourable trend in tourist earnings and remittances from Moroccans living
abroad and of the transfer of 14.9% of the capital of Maroc Telecom, which
brought in 4.7 billion dirhams in foreign currency.
BANK AL-MAGHRIB
125
Claims on Government
The advances granted by Bank Al-Maghrib to the Treasury amounted to
6 268.9 million dirhams, an increase of 768.9 million or 14%; the Treasury
resorted to the mobilisation of customs drafts at the end of the year, when its
cash position was rather tight. Agreed advances granted by Bank Al-Maghrib
under paragraph 3 of Article 35 of the dahir establishing its statutes remained
unchanged at 5 500 million dirhams. Their breakdown is as follows:
on 12 March
on 31 December
on 7 May
on 13 March
on 13 October
on 9 April
1964
1967
1970
1974
1977
1980
for an amount of
“ “
“
“
“ “
“
“
“ “
“
“
“ “
“
“
“ “
“
“
250 million dirhams
250 million dirhams
500 million dirhams
1 000 million dirhams
Credit operations
At the end of 2004, credit operations amounted to 12 223.7 million
dirhams, down by 141.9 million or 1.1% on the previous year.
The amount of advances to the banks remained insignificant because liquidity continued to be abundant. The portfolio of bills in course of recovery,
consisting mainly of immediately credited cheques paid to the Treasury, increased by 154.8 million or 13% to 1 343.7 million dirhams at the end of December
2004.
Use of capital and reserves
Comprising mainly tangible fixed assets net of depreciation and securities
in portfolio, the category "Use of capital and reserves" amounted to 2 704.6
million dirhams at the end of 2004, an increase of 196.4 million or 7.8%, compared to a decline of 3.3% the previous year.
126
BANK AL-MAGHRIB
Other miscellaneous assets
Consisting mainly of the payments on account made to the State in respect of
corporation tax and claims on third parties, the "Other miscellaneous assets"
showed an increase of 2 931.4 million, amounting to 4 069.2 million dirhams at
the end of 2004.
LIABILITIES
Notes in circulation
At the end of 2004, the value of notes in circulation, at 81 707.5 million
dirhams, was up by 4.7 billion dirhams or 6.1%, slightly higher than the rate of
growth of economic activity at current prices, which came to 5.8%.
At the end of 2004, the breakdown of notes in circulation was as follows:
9 915 324
54 196 239
35 927 225
344 107 536
221 586 395
notes and 1/2 of 10 dirhams .............. DH
99 153 245.00
notes and 1/2 of 20 dirhams................ DH 1 083 924 780.00
notes and 1/2 of 50 dirhams............... DH 1 796 361 275.00
notes and 1/2 of 100 dirhams............... DH 34 410 753 600.00
notes
of 200 dirhams.............. DH 44 317 279 000.00
Total ........ DH
81 707 471 900.00
Coin
The value of coins in circulation amounted to 1 581.5 million dirhams, an
increase of 95.3 million or 6.4% from year-end to year-end.
BANK AL-MAGHRIB
127
At the end of 2004, the breakdown of the coin circulation was as follows:
- Gold
12 654 coins of 250 dirhams (commemorative)......DH
2 011 coins of 500 dirhams (commemorative)......DH
3 163 500.00
1 005 500.00
- Silver
27 306
9 143
3 932
19 724
coins of 50 dirhams (commemorative)..... DH
coins of 100 dirhams (commemorative).... DH
coins of 150 dirhams (commemorative).... DH
coins of 200 dirhams (commemorative) ... DH
1 365 300.00
914 300.00
589 800.00
3 944 800.00
- Nickel
244 191 952 coins of 50 centimes and 1/2 dirham ..DH 122 095 976.00
452 855 005 coins of 1 dirham ............................. DH 452 855 005.00
75 116 674 coins of 5 dirhams .......................
DH 375 583 370.00
48 790 501 coins of 10 dirhams .......................
DH 487 905 010.00
16 718 680 coins of 2 dirhams .......................
DH
33 437 360.00
- Aluminium bronze
227 611 499 coins of 5 centimes ....................
DH
DH
DH
11 380 574.95
53 298 280.40
33 767 077.10
DH
236 982.77
- Aluminium
23 698 277 coins of 1 centime .....................
Total ....DH 1 581 542 836.22
128
BANK AL-MAGHRIB
Liabilities in gold
and convertible currencies
Liabilities in gold and in currencies totalled 1 781.8 million dirhams at the
end of December 2004; this increase of 598.9 million or 50.6% was the result
of a 63.2% expansion in liabilities in convertible currencies to foreign correspondents. Cash held in the accounts of international bodies was down 4% at
192.4 million dirhams at the end of December 2004.
Deposits and other liabilities
At the end of 2004, deposits and other liabilities reached an overall value
of 60 857.8 million dirhams, an increase of 10 944.2 million or 21.9%. Bank
account credit balances rose by 8 529.4 million, while assets held in the 24hour deposit facility introduced in 2004 amounted to 4 810 million, those in
liquidity-withdrawal accounts having fallen by 4 356 million. For its part, the
balance of the account of the Hassan II Fund for Economic and Social Development increased from 12 874 million to 14 677.6 million as a result of some of
the privatisation receipts being allocated to that account. The Treasury's available funds at Bank Al-Maghrib fell from 122.5 million to 1.1 million from
year-end to year-end.
Allocations of special
drawing rights
The equivalent of allocations of Special Drawing Rights remained unchanged at 433.6 million dirhams in the year under review.
Capital and reserves
The total of the "Capital and reserves" item, amounting to 5 506 million
dirhams, showed a rise of 90.7 million, attributable to the increase in reserves,
the capital having remained unchanged at 500 million dirhams.
BANK AL-MAGHRIB
129
Miscellaneous
At 10 004.7 million dirhams, miscellaneous liabilities were up by 409.8
million or 4.3%.
The net profit for the year, after deduction of 863.4 million in respect of
corporation tax, amounted to 1 424.5 million, similar to the previous year's
figure.
130
BANK AL-MAGHRIB
BALANCE SHEET AND
INCOME STATEMENT ACCOUNTS
FOR THE FINANCIAL YEAR 2004
BALANCE SHEET OF THE BANK AL-MAGHRIB
ASSETS
(Dirhams)
Gold, Special Drawing Rights and
convertible currencies......................................................................
- Gold...............................................................................................
- I.M.F subscription - Reserve tranche............................................
- Special Drawing Rights................................................................
- Convertible currencies..................................................................
- Subscription to the Arab Monetary Fund......................................
136 606 746 502.14
1 960 256 078.18
1 293 531 311.54
987 979 281.13
132 101 760 075.04
263 219 756.25
Payment agreements........................................................................
11 307.30
Claims on Government....................................................................
6 268 887 988.00
- Advances to the Government - Article 35-3 of statutes ...............
5 500 000 000.00
- Advance to the Government - Article 35-2 of statutes ................
- Mobilised customs drafts and surety bonds..................................
Current accounts at the Postal Cheque Centre.............................
768 887 988.00
-
Credit operations..............................................................................
12 223 753 229.88
- Advances.......................................................................................
- Items in course of settlement........................................................
10 880 005 509.81
1 343 747 720.07
Treasury bills purchased on the secondary market......................
-
Use of capital and reserves..............................................................
2 704 576 921.28
Miscellaneous ...................................................................................
4 069 191 560.75
Total assets...............................................................
161 873 167 509.35
AS OF 31 DECEMBER 2004
LIABILITIES
(Dirhams)
Bank notes and coin in circulation ...............................................
- Notes...........................................................................................
- Coin.............................................................................................
83 289 014 736.22
81 707 471 900.00
1 581 542 836.22
Liabilities in gold and convertible currencies .............................
- Gold.............................................................................................
- Convertible currencies................................................................
- Convertible dirhams....................................................................
- International organizations..........................................................
1 781 826 022.95
1 575 430 532.90
14 035 025.10
192 360 464.95
Payment agreements......................................................................
225 440.27
Deposits and other liabilities..........................................................
60 857 775 767.28
- Current account of the Treasury..................................................
- Banks - Current operations.........................................................
- Banks - Liquidity withdrawal accounts......................................
- Banks -24-hour Deposit facility..................................................
- Other accounts.............................................................................
- Other liabilities............................................................................
1 066 197.51
38 988 868 886.64
844 000 000.00
4 810 000 000.00
16 181 736 314.65
32 104 368.48
Allocations of Special Drawing Rights.........................................
433 628 327.61
Capital and reserves.......................................................................
5 506 025 510.40
- Capital.........................................................................................
500 000 000.00
- Reserves......................................................................................
5 006 025 510.40
Miscellaneous..................................................................................
10 004 671 704.62
Total liabilities...............................................................
161 873 167 509.35
INCOME STATEMENT ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2004
(Dirhams)
RECEIPTS
Discount earnings .................................................
1 927 690.98
Interest receipts.....................................................
3 106 986 400.55
Commissions ........................................................
143 306 318.07
Other financial earnings .......................................
492 558 941.16
Other earnings.......................................................
157 679 999.41
Reversal of depreciation and provisions ..............
166 410 515.22
I. Total receipts.....................................................
4 068 869 865.39
EXPENDITURE
Operating expenses...............................................
595 113 175.37
Other expenditure..................................................
725 264 444.59
Other financial expenditure...................................
5 920 213.16
Statutory provisions expenses ..............................
90 525 000.00
Corporation tax ....................................................
863 369 452.93
Depreciation and provisions expenses .................
364 157 728.37
II. Total expenditure............................................
2 644 350 014.42
III. Net profit before distribution (I-II) ............
1 424 519 850.97
APPENDICES
I-1 - Gross domestic product by branch of activity
(at 1980 market prices)
Branches of activity
2001
2002
2003*
2004*
Primary sector................................................................ 15 377
Agriculture, forestry and fishing ............................... 15 377
19 619
19 619
20 717
20 717
24 446
24 446
24 911
24 911
Secondary sector ...........................................................
Mining.......................................................................
Energy and water (1) ................................................
Manufacturing ...........................................................
Construction and public works ..................................
41 580
3 838
43 643
3 952
44 817
4 079
45 961
3 847
48 230
4 212
6 722
24 744
6 276
7 250
25 792
6 648
7 468
26 641
6 628
7 382
27 627
7 105
8 208
28 456
7 354
Tertiary sector ...............................................................
Transport and communications..................................
Commerce and import taxes and duties ..................
of which : - commerce ...........................................
- Import taxes and duties less subsidies...
54 592
10 186
29 298
17 595
11 703
15 108
55 705
10 162
30 216
18 766
11 449
15 328
57 519
10 625
31 395
19 586
11 809
15 499
59 320
10 965
32 687
20 408
12 279
15 668
62 453
11 491
35 030
21 572
13 458
15 932
Market gross domestic product ................................... 111 549
118 967
123 053
129 727
135 594
Other services
(2)
.......................................................
General government .....................................................
2000
23 351
24 428
24 916
26 412
27 173
Gross domestic product ................................................ 134 900
143 395
147 969
156 139
162 767
I-2 - Gross domestic product changes
(at 1980 market prices)
(percentage changes)
2000
2001
2002
2003*
2004*
Primary sector................................................................
Agriculture, forestry and fishing ...............................
-15.7
-15.7
27.6
27.6
5.6
5.6
18.0
18.8
1.9
1.9
Mining.......................................................................
Energy and water (1) ................................................
2.9
-1.7
5.0
3.0
2.7
3.2
2.6
- 5.7
4.9
9.5
-0.5
7.9
3.0
- 1.2
11.2
Manufacturing ...........................................................
Construction and public works ..................................
3.5
7.1
4.2
5.9
3.3
-0.3
3.7
7.2
3.0
3.5
Tertiary sector ...............................................................
Commerce and import taxes and duties ..................
of which : - commerce ...........................................
- Import taxes and duties less subsidies...
.......................................................
5.1
8.8
6.1
4.9
8.0
1.1
2.0
-0.2
3.1
6.7
-2.2
1.5
3.3
4.6
3.9
4.4
3.1
1.1
3.1
3.2
4.1
4.2
4.0
1.1
5.3
4.8
7.2
5.7
9.6
1.7
Market gross domestic product ...................................
0.9
6.6
3.4
5.4
4.5
1.4
4.6
2.0
6.0
2.9
Gross domestic product ................................................
1.0
6.3
3.2
5.5
4.2
Other services
(2)
(1) Anthracite, crude oil, oil refining, electricity and water.
(2) Accommodation, catering, other non financial market services, financial institutions
and imputed bank service charges.
(*) Preliminary
Source : High Commission for Planning (National accounting department).
GROSS DOMESTIC PRODUCT CHANGES
(at constant prices)
%
9
GDP
7.7
8
7
6.3
6
5.5
5
4.4
4.7
4
3
3.2
3.2
3.6
3.6
4.2
3.2
3.5
2.8
2
1
1.0
0
1997
-1
-2
-3
-2.2
1998
-0.1
1999
2000
2001
2002
2003
2004
I-3 - Gross domestic product by branch of activity
(at current prices)
2000
2001
2002
2003*
2004*
48 991
48 991
59 657
59 657
64 141
64 141
69 978
69 978
70 398
70 398
Secondary sector ........................................................... 113 100
Mining.......................................................................
7 290
Energy and water (1) ................................................ 25 264
Manufacturing ........................................................... 62 246
Construction and public works ................................. 18 300
118 653
7 429
120 622
7 314
125 220
6 437
134 797
7 228
26 983
64 869
19 372
27 129
66 864
19 314
27 985
70 074
20 724
32 043
73 227
22 299
Tertiary sector .............................................................. 141 628
Transport and communications.................................. 24 897
Commerce and import taxes and duties ................. 70 624
of which : - commerce .......................................... 42 490
- Import taxes and duties less subsidies.. 28 134
Other services (2) ....................................................... 46 107
146 621
26 259
73 036
44 989
28 047
47 326
153 047
28 673
75 708
47 149
28 559
48 666
157 719
29 619
78 074
49 789
28 285
50 026
167 669
31 456
84 401
53 075
31 326
51 812
Market gross domestic product .................................. 303 719
324 932
337 810
352 917
372 864
Primary sector...............................................................
Agriculture. forestry and fishing ...............................
50 489
58 253
59 972
66 569
70 808
Gross domestic product ............................................... 354 208
383 185
397 782
419 486
443 672
I-4 - Gross domestic product changes
(at current prices)
(percentage changes)
2000
2001
2002
2003*
Primary sector...............................................................
Agriculture, forestry and fishing ...............................
-7.4
-7.4
21.8
21.8
7.5
7.5
9.1
9.1
0.6
0.6
Mining.......................................................................
Energy and water (1) ................................................
2.3
-2.3
4.9
1.9
1.7
-1.5
3.8
-12.0
7.6
12.3
-7.0
6.8
0.5
3.2
14.5
Manufacturing ...........................................................
Construction and public works .................................
4.5
11.9
4.2
5.9
3.1
-0.3
4.8
7.3
4.5
7.6
Tertiary sector ..............................................................
Commerce and import taxes and duties .................
of which : - commerce ..........................................
- Import taxes and duties less subsidies..
.......................................................
6.7
14.8
6.5
6.6
6.2
3.2
3.5
5.5
3.4
5.9
-0.3
2.6
4.4
9.2
3.7
4.8
1.8
2.8
3.1
3.3
3.1
5.6
- 1.0
2.8
6.3
6.2
8.1
6.6
10.8
3.6
Other services
(2)
2004*
Market gross domestic product ..................................
2.5
7.0
4.0
4.5
5.7
2.2
15.4
3.0
11.0
6.4
Gross domestic product ...............................................
2.5
8.2
3.8
5.5
5.8
(1) Anthracite, crude oil, oil refining, electricity and water.
(2) Accommodation, catering, other non financial market services, financial institutions
and imputed bank service charges.
(*) Preliminary
I-5 - Goods and services account
(at current prices)
change in %
2001
2002
2003*
2004*
RESOURCES
Gross domestic product ..................................... 383 185 397 782 419 486 443 672
Resources deficit ................................................. 13 533 13 105 17 424 28 446
5.5
33.0
5.8
63.3
4.8
15.9
1.6
8.8
6.3
8.1
361 002
4.8
267 952
3.0
93 050 10.2
111 116 11.9
109 083 10.3
+2 033
7.5
8.2
5.6
9.9
8.5
-
Imports of goods and nonfactor services .............. 120 479 129 129 134 447 155 774
Exports of goods and nonfactor services .............. 106 946 116 024 117 023 127 328
Total available resources.......................................
EXPENDITURE
Final national consumption .................................
- Resident households ..........................................
- General government...........................................
Investment..............................................................
Gross fixed capital formation.................................
Changes in stocks...................................................
396 718 410 887 436 910 472 118
308 997 320 570 335 827
233 174 240 608 247 714
75 823 79 962 88 113
87 721 90 317 101 082
85 375 91 142 100 498
+ 2 346
- 825
+584
2003 2004
2002 2003
Total expenditure .................................................. 396 718 410 887 436 910 472 118
6.3
8.1
I-6 - Gross national disposable income and its appropriation
(at current prices)
change in %
2001
Gross domestic product ..........................................
Net foreign income..................................................
Gross national disposable income .......................
Final national consumption..................................
2002
2003*
383 185 397 782 419 486
31 743 29 381 32 662
414 927 427 163 452 147
308 997 320 570 335 827
2004*
2003
2002
443 672
5.5
38 279 11.2
481 951
5.8
361 002
4.8
Gross national savings ......................................... 105 930 106 593 116 320 120 949
Total appropriation of gross national
disposable income ................................................. 414 927 427 163 452 147 481 951
2004
2003
5.8
17.2
6.6
7.5
9.1
4.0
5.8
6.6
I-7 - Investment and savings
(at current prices)
change in %
2003 2004
2002 2003
Gross national savings............................................. 105 930 106 593 116 320 120 949
9.1
4.0
Net capital transfers from the rest of
- 101
- 67
- 97
- 71 44.2 -26.8
the world
Financing requirement ............................................
2001
2002
2003*
2004*
Total resources....................................................... 105 829 106 526 116 223 120 878
9.1
4.0
91 142 100 498 109 083
- 825
+584
+2 033
16 210 15 141
9 763
10.3
-
8.5
-
Total expenditure................................................... 105 829 106 526 116 223 120 878
9.1
4.0
Gross fixed capital formation.................................. 85 375
Changes in stocks ................................................... + 2 346
Financing capacity .................................................. 18 108
(*) Preliminary
II-1 - Cereals
2002-2003
2003-2004
Area
(1000
hectares)
Production
(1000
quintals)
Yield
(quintals
per hectare)
Area
(1000
hectares)
Production
Yield
(1000
(quintals
quintals) per hectare)
Soft wheat .........................
1 900
33 800
17.8
1 953
35 151
18.0
Hard wheat .......................
1 100
17 600
16.0
1 111
20 248
18.2
Barley ...............................
2 300
26 200
11.4
2 324
27 603
11.9
Maize ................................
247
1 400
5.7
245
2 241
9.1
Total.........................
5 547
79 000
14.2
5 633
85 243
15.1
51.0
2.3
448.0
115.3
8.8
50.1
3.5
219.9
62.8
Principal cereals
Secondary cereals ..............
of which : rice ..................
Source : Ministry of Agriculture, Rural Development and Sea Fisheries.
(Programming and Economic Affairs Department.)
II-2 - Marketing of principal home-grown grains
(in thousands of quintals)
June 2002 to May 2003
June 2003 to May 2004
June to December 2004
Soft wheat ............................
10 131
15 015
16 932
Hard wheat ..........................
179
236
172
Barley ..................................
Maize ...................................
103
34
102
56
74
16
Total............................
10 447
15 409
17 194
Source : National Agricultural Cereals and Pulse Crops Office.
II-3 - Pulse crops
Area
(1000
hectares)
2002 - 2003
2003 - 2004
Production
Yield
Area
(1000
(quintals per
(1000
quintals)
hectare)
hectares)
Production
Yield
(1000
(quintals per
quintals)
hectare)
Broad beans ...................................
151
1 031
6.8
153
1 093
7.1
Chick peas .....................................
71
430
6.1
72
419
5.8
Green peas .....................................
33
227
6.9
38
259
6.8
Lentils ...........................................
54
336
6.2
52
325
6.3
Other leguminous vegetables ........
50
296
5.9
50
316
6.3
359
2 320
6.5
365
2 412
8.2
Total...............................
II-4 - Market garden crops
Oct. 2002 to Sept. 2003
Oct. 2003 to Sept. 2004
Area
Production
Yield
(1000
(1000
(tonnes per
hectares)
tonnes)
hectare)
Vegetable crops of season ............
Early fruits and vegetables ..........
Tomatoes .......................................
Potatoes .........................................
Other vegetables ............................
Total...............................
Area
Production
(1000
(1000
hectares)
tonnes)
Yield
(tonnes per
hectare)
232.0
25.5
5.7
8.0
11.8
4 925
1 120
536
158
426
21.2
43.9
94.0
19.8
36.1
230.0
27.5
5.9
7.5
14.1
5 000
1 353
660
155
538
21.7
49.2
111.9
20.7
38.2
257.5
6 045
23.5
257.5
6 353
24.7
(Vegetable Production Department.)
II-5 - Exports of early fruits and vegetables
(in thousands of tonnes)
Oct.2001 to Sept.2002
Tomatoes .......................................
205.0
186.1
220.6
Potatoes .........................................
38.6
41.0
50.6
Other vegetables ............................
133.0
170.3
219.5
376.6
397.4
490.7
Total...............................
II-6 - Citrus fruits
October 01 to July 02
Production
Exports
Production
Exports
Production
Exports
Oranges..........................
703
240
792
275
693
237
Clementines ..................
286
122
349
139
297
143
Miscellaneous ...............
154
68
174
70
148
55
Total.........................
1 143
430
1 315
484
1 138
435
Source : Ministry of Agriculture, Rural Development and sea Fisheries.
II-7 - Sugar - beet crops and
sugar production
Harvested
area
(hectares)
( tonnes)
Gharb ........................
15 851
630 000
39.7
Loukkos ....................
4 323
155 746
36.0
Tadla .........................
18 070
947 000
52.4
124 860
Doukkala ..................
21 600
1 351 346
62.6
146 000
Moulouya ..................
4 894
317 603
64.9
34 363
Total......................
64 738
3 401 695
52.5
408 392
Gharb ........................
14 200
675 000
47.5
Loukkos ....................
4 074
266 000
65.3
Tadla .........................
17 043
892 000
52.3
117 107
Doukkala ..................
19 586
1 088 051
55.6
143 317
Moulouya ..................
4 450
244 549
55.0
30 040
Total......................
59 353
3 165 600
53.3
423 268
Crops
Yield
Sugar
(tonnes per production*
hectare)
( tonnes)
2002 - 2003
} 103 169
2003 - 2004
} 132 804
(*) Data provided by the Ministry of Industry, Trade and Telecommunications
and economy upgrading,
II-8 - Sugar - cane crops and sugar production
Harvested
Crops
area
Yield
Sugar
(tonnes per production*
( hectares)
( tonnes)
hectare)
Gharb ...............................
10 013
635 000
63.4
Loukkos ...........................
3 588
312 300
87.0
Total..........................
13 601
947 300
69.6
78 584
2004
Gharb ...............................
Loukkos ...........................
10 220
4 290
595 000
277 000
58.2
64.6
} 84 928
Total..........................
14 510
872 000
60.1
84 928
( tonnes)
2003
} 78 584
(*) Data provided by the Ministry of Industry, Trade and Economy upgrading
II-9 - Raw cotton (1)
2002-2003
Area
Production
(hectares) (quintals)
Gharb ..............................
170
2 000
2003-2004
Yield
Area
(quintals
(hectares)
per hectare)
11.8
(1) Cotton has not been grown in the Gharb region
-
Production
(quintals)
Yield
(quintals
per hectare)
-
-
II-10 - Olive-growing
Crops
Crops
Crops
End of 2002 - Beginning End of 2003 - Beginning
of 2003
of 2004*
End of 2004- Beginning
of 2005**
Olive production .............
450
1 000
500
Olive oil production..........
45
100
50
(*) Revised.
(**) Preliminary.
Source : Ministry of Agriculture, Rural Development and sea Fisheries.
II-11 - Oleaginous plants
2002 - 2003
Harvested
area
(1000
hectares)
Production
(1000
quintals)
2003 - 2004
Harvested
area
(Quintals
(1000
per hectare) hectares)
Yield
Production
Yield
(1000
quintals)
(Quintals
per hectare)
Sunflower .............................
110.2
556.0
5.0
61.1
347.4
5.7
Groundnut ............................
20.4
490.0
24.0
20.0
450.0
22.5
II-12 - Vine growing
2002
2003
2004
Area
( hectares)
Production
(tonnes)
Area
( hectares)
Production
(tonnes)
Area
( hectares)
Production
(tonnes)
Dessert grapes .....................
39 600
240 600
39 600
257 000
39 600
250 000
Wine-producing grapes .......
10 400
79 000
10 400
85 000
10 400
80 000
50 000
319 600
50 000
342 000
50 000
330 000
Total............................
II-13 - Stock farming
(1)
(in thousands)
Cattle..........................................................
Sheep .........................................................
Goats..........................................................
Total............................................
2002
2003*
2004**
2 670
16 336
5 090
2.618
15.658
5.136
2 699
16 368
5 367
24 096
23 412
24 434
(1) Census carried out in October-November 2004.
(*) Revised
(**) Preliminary.
(Programming and Economic Affairs Department.)
II-14 - Meat supplied for consumption
2002
2003*
2004**
Red meat .......................................................
Cattle..........................................................
Sheep .........................................................
Goats..........................................................
Other ..........................................................
344
170
110
15
49
313
150
105
13
45
316
152
106
13
45
White meat ...................................................
315
320
338
(*) Revised
(**) Preliminary.
(Stock farming Department.)
II-15 - Sea fisheries
2003*
2004**
Production......................................................
- Deep-sea fishing ......................................
- Coastal fishing .........................................
903.0
37.5
865.5
892.2
29.8
862.4
Consumption of fresh products (1) ...............
346.2
317.9
Processing.......................................................
- Canned fish (1)...........................................
- Fish meal and fish oil
- Freezing....................................................
507.0
532.0
174.3
301.3
31.4
143.0
360.4
28.6
Exports...........................................................
- Fresh and freezed fish ..............................
- Crustaceans and molluscs.........................
- Canned fish...............................................
- Fish meal and fish oil ...............................
335.8
68.5
86.1
123.0
58.2
270.5
53.9
41.8
120.2
54.6
(*) Revised
(**) Preliminary.
(1) Henceforth, the National Fisheries Office (ONP) is deducting supplies to the canning
industry from purchases made by wholesalers from the “Consumption of fresh products”
item and including them in the “Canned fish” item.
Sources : - Production : Ministry of Agriculture, Rural Development and Sea Fisheries
- Exports
and National Fishing Office.
: Foreign Exchange Office.
III-1 - Main mineral products
Production
2002
Phosphate rock.........................23 041.0
Other non-metallic ores
Barite....................................... 469.9
Fluorspar..................................
94.9
Salt........................................... 266.1
Bentonite.................................
65.8
Metallic ores
Zinc ore.................................... 178.4
Lead ore...................................
87.4
Iron ore....................................
1.6
Copper ore...............................
17.8
Chemical manganese...............
17.5
(1)
Exports (2)
2003
2004*
2002
2003
2004*
22 877.0
25 369.0
11 138.1
11 010.0
358.5
81.2
236.7
67.7
355.8
112.1
253.8
85.4
412.3
94.5
-
324.9
72.8
94.7
60.9
315.0
106.0
-
136.4
54.8
6.3
17.5
-
146.2
44.7
9.9
14.2
9.0
325.3
30.8
19.3
13.8
209.3
26.7
19.8
-
179.7
32.1
12.4
-
11 720.0
(*) Preliminary
Source : (1) Production : Ministry of Energy and Mining.
(2) Exports : Foreign Exchange Office.
III-2 - Index of mineral production
(1992=100)
Percentage
changes
Weighting
2002
2003
2004*
Overall index ...........................................
100.0
115.1
110.1
119.0
8.1
- Phosphates ..........................................
78.65
120.4
119.5
132.5
10.9
- Metallic ores .......................................
16.50
80.2
60.8
51.5
-15.3
(*) Preliminary.
Source : High Commission for Planning (Department of Statistics).
2004
2003
III-3 - Energy balance
(in thousands of "tonnes oil equivalent", T.O.E.)
2002
Total
2003*
2004**
%
Total
%
Total
%
Consumption ..................................... 10 513
- Coal ................................................. 3 389
- Petroleum products ......................... 6 445
- Natural gas ......................................
48
- Hydro-electricity, wind power
electricity and imported electricity .
631
Of which :
100
32.2
61.3
0.5
11 010
3 481
6 682
46
100
31.6
60.7
0.4
11 547
3 760
6 890
30
100
32.5
59.7
0.3
6.0
801
7.3
867
7.5
Domestic products ............................
524
100
- Anthracite .....................................
- Oil and natural gas ..........................
- Hydro-electricity and
wind power electricity.....................
201
54
38.4
10.3
245
57
33.6
7.8
275
60
34.2
7.5
269
51.3
428
58.6
468
58.3
Deficit ..............................................
9 989
-As a percentage of overall
consumption....................................
730
100
10 280
95.0
100
10 744
93.4
(*) Revised.
(**) Preliminary.
Source : Ministry of Energy and Mining and High Commission for Planning
(Department of Statistics) .
803
93.0
III-4 - Energy production
2002
2003*
2004**
Percentage
changes
2004
2003
Extraction activity
Crude oil
(1 000 t) ......................................................
3
Natural gas ( millions m ).............................................
6.5
11.8
32.3
173.7
63.0
60.5
39.5
-34.7
6 195.0
48.1
Processing activity
Refineries' production (1000 t)
(1)
............................... 5 694.0
Net electricity production (millions kWh) .................... 14 103
Of which : Concession electricity ................................. (9 566.6)
(thermic and wind power)
4 182.0
15 341
16 412
(9 563.0) (10 122.0)
7.0
(5.8)
(*) Revised.
(**) Preliminary.
(1) Excluding non energy oil products (bitumen and lubricants).
Sources : Ministry of Energy and Mining and National Electricity Office.
III-5 - Energy production
expressed in Tonnes Oil Equivalent (TOE)
In thousands of
2003*
Tonnes Oil Equivalent
Quantities Percentage Structure
changes
(TOE)
Total production
(1)
..............
2004**
Quantities
Percentage
changes
Structure
8 170
-12.7
100.0
10 462
28.1
100.0
.............
4 182
-26.6
51.2
6 195
48.1
59.2
- Electricity ..............................
3 988
8.8
48.8
4 267
7.0
40.8
Of which :
- Refined petroleum
(2)
(*) Revised.
(**) Preliminary.
(1) Total output of energy calculated from data provided by the Ministry of Energy and Mining
and the National Electricity Office on the basis of a conversion coefficient of 0.26 TOE per
1000 kWh for electricity.
(2) Excluding non-energy products (bitumen and lubricants).
III-6 - Total energy consumption
Percentage
changes
2004
2003
2002
2003*
2004**
Petroleum products (1 000 t) ..............
6 445
6 682
6 890
3.1
- Light distillates ...............................
. Standard petrol .................................
. Super petrol ......................................
. Planes kerosene ................................
. Gas-oil .............................................
. Miscellaneous ..................................
3 831
77
323
282
3 041
108
3 878
73
312
292
3 138
63
3 957
52
333
312
3 226
34
2.0
-28.8
6.7
6.8
2.8
-46.0
- Liquefied gas ....................................
. Butane..............................................
. Propane............................................
1 260
1 144
116
1 340
1 226
114
1 413
1 300
113
5.4
6.0
-0.9
- Fuel-oil .............................................
. Quantities used for electricity
production ......................................
. Other ...............................................
1 354
1 464
1 520
3.8
422
932
529
935
574
946
8.5
1.2
Coal (1 000 t) .....................................
. Quantities used for electricity
production ......................................
. Other ...............................................
5 188
5 340
5 771
8.1
4 295
893
4 371
969
4 765
1 006
9.0
3.8
Natural gas ( millions m 3 ).................
63
61
39
-36.1
Electricity O.N.E. (millions kWh) .....
of which : external contribution..........
13 425
1 392
14 522
1 437
15 675
1 535
7.9
6.8
(*) Revised.
(**) Preliminary.
Sources : Ministry of Energy and Mining and National Electricity Office.
III-7 - Final energy consumption
In thousands of Tonnes
Oil Equivalent (TOE)
Final energy consumption
(2)
................
. Petroleum products ............................
of which :
(Gas oil).............................................
. Electricity ...........................................
. Coal ....................................................
(1)
2003*
2004**
Quantities
Percentage
changes
Structure
Quantities
Percentage
changes
Structure
10 609
6 193
4.7
2.3
100
58.4
11 083
6 343
4.5
2.4
100
57.2
(3 133)
3 776
640
(3.8)
8.2
8.7
(29.5)
35.6
6.0
(3 223)
4 076
664
(2.9)
7.9
3.8
(29.1)
36.8
6.0
(1) Final energy consumption is equal to primary consumption less energy products consumed by the National
Electricity Office.
(2) Final energy consumption is calculated on the basis of data provided by the Ministry of Energy and Mining and the
National Electricity Office (ONE) on the basis of a conversion coefficient of 0.26 TOE per 1000 kWh for electricity
and 0.66 TOE per tonne for coal.
(*) Revised.
(**) Preliminary.
IV-1 - Indices of manufacturing production
(1992=100)
Percentage changes
Weighting
2002
2003
2004
2003
2002
2004
2003
Food, beverages and tobacco industries
Staple foods (1) ..............................................................
249
138.1
143.2
150.8
3.7
5.3
184
139.3
145.3
152.2
4.3
4.7
Beverages and tobacco .................................................
65
134.8
137.5
146.8
2.0
6.8
Textiles, clothing and leather industries
223
114.7
110.5
110.0
-3.7
-0.5
Textiles and knitting mills ............................................
113
101.1
98.6
100.1
-2.5
1.5
Wearing apparel except footwear .................................
90
129.2
120.8
119.5
-6.5
-1.1
Tanning and leather footwear .......................................
20
126.1
130.9
123.7
3.8
-5.5
Chemical and parachemical industries
Chemical and parachemical products............................
218
145.7
152.8
157.0
4.9
2.7
151
145.2
149.3
154.6
2.8
3.5
Rubber and plastic manufactures .................................
30
130.3
130.7
127.3
0.3
-2.6
Paper and cardboard, printing.......................................
37
160.0
185.0
190.9
15.6
3.2
Mechanical, metallurgical, electrical
and electronic industries
181
133.6
141.3
144.0
5.8
1.9
Basic metal industries ...................................................
22
168.4
188.7
186.4
12.1
-1.2
Metal works except machinery .....................................
61
127.0
138.8
141.6
9.3
2.0
Machinery and equipment ............................................
20
116.3
123.0
125.0
5.8
1.6
Transport equipment .....................................................
41
134.8
134.1
139.5
-0.5
4.0
Electrical and electronic equipment .............................
34
132.0
135.0
137.4
2.3
1.8
optical goods, clocks.....................................................
2
125.7
126.1
139.5
0.3
10.6
Other manufactures .......................................................
1
102.4
100.1
92.2
-2.2
-7.9
129
130.9
142.1
149.6
8.6
5.3
Timber and woodworking ............................................
21
135.9
152.3
7.9
108
126.0
145.2
4.0
Processed quarry products ............................................
121.1
132.8
9.3
4.9
Total manufacturing ....................................................
1000
132.7
137.4
141.6
3.5
3.1
Office machinery, measuring equipment,
Wood and building materials
(1) Food products (branch 10) and other food products (branch 11).
V-1 - Tourist arrivals
2002
2003
2004
Percentage
changes
2004
2003
I . Foreign tourists ...........................................
2 477 572
2 483 812
3 003 010
+ 20.9
A. On-shore ...................................................
2 222 267
2 223 875
2 747 347
+ 23.5
European Union countries .....................
1 778 716
1 777 264
2 236 992
+ 25.9
Of which :
.France .................................................
.Spain ..................................................
.Germany .............................................
.United Kingdom ................................
.Italy ....................................................
877 465
201 258
172 860
146 511
112 518
916 147
231 156
129 391
134 009
100 001
1167 088
333 028
146 269
169 152
112 807
+ 27.4
+ 44.1
+ 13.0
+ 26.2
+ 12.8
Other European countries.......................
90 037
103 171
112 564
+ 9.1
America ....................................................
Of which :
.United States ......................................
.Canada ................................................
.Argentina……………………………
119 229
107 877
127 974
+ 18.6
72 845
28 503
2 697
64 445
27 606
3 433
76 889
31 321
5 001
+ 19.3
+ 13.5
+ 45.7
Middle East (*)...........................................
74 273
69 067
74 873
+ 8.4
Maghreb ...................................................
67 279
73 225
81 969
+ 11.9
Other African countries ..........................
36 152
39 547
50 554
+ 27.8
Asia ...........................................................
35 616
34 743
39 993
+ 15.1
Other countries ........................................
20 965
18 981
22 428
+ 18.2
B. Off-shore (cruising) ...............................
255 305
259 937
255 663
-1.6
II. Moroccans resident abroad .......................
2 081 179
2 537 396
2 769 132
+ 9.1
4 558 751
5 021 208
5 772 142
+ 15.0
Total ....................................
(*) Including Egypt.
Source : Ministry of Tourism, Handicraft and Social Economy
VI-1 - Cost of living index (385 items)
(1989=100)
2003
Groups of products
Annual
average
Foodstuffs ....................................... 166.4
Of which :
Cereals and cereal-based
products ....................................... 143.2
Milk, dairy products and eggs ..... 144.8
Fats .......................................
149.6
Meat ............................................. 183.3
Fresh fish ..................................... 179.8
Fresh vegetables .......................... 193.0
Fresh fruit .................................... 207.5
Non-alimentary products .............. 162.9
Clothing ....................................... 167.6
Housing ....................................... 167.0
Household equipment................... 139.8
Medical care................................. 146.7
Transport and communications.... 163.7
Leisure and culture....................... 168.1
Other goods and services.............. 172.1
Overall index .................................. 164.6
Percentage changes
2004
Dec.
Jan.
Feb.
168.4
166.3
167.6
168.2
143.9
148.5
144.1
189.3
182.8
201.6
191.4
164.1
168.4
168.4
140.3
148.3
163.7
171.3
172.9
144.1
144.4
143.7
187.4
172.0
187.5
195.0
164.4
168.6
168.7
140.3
148.3
163.7
171.6
173.4
145.9
142.8
143.3
185.6
177.5
194.3
208.5
164.4
168.8
168.8
140.3
148.3
163.7
171.9
173.9
166.2
165.4
166.0
(*) Annual average.
March April
May
June
July.
Aug.
Sept.
Oct.
Nov.
168.5
169.8
167.5
167.0
170.1
171.3
172.2
171.3
Dec. Annual
average
167.7 169.0
146.0
140.6
144.5
185.8
180.9
205.3
200.5
164.7
168.9
169.2
140.3
148.3
163.8
171.9
174.4
145.9
140.3
145.9
186.3
178.4
204.8
206.4
164.8
169.1
169.4
140.3
148.3
163.8
171.8
174.6
145.9
139.8
146.6
186.7
182.4
187.0
276.1
164.8
169.1
169.6
140.5
148.5
163.9
171.8
174.3
145.8
139.2
146.6
186.7
170.3
171.0
260.4
165.1
169.1
169.9
140.7
149.5
163.9
171.8
174.5
145.8
139.4
147.8
191.0
169.3
163.3
234.8
165.1
169.1
170.0
140.8
149.5
163.9
171.8
174.7
145.7
142.8
148.3
193.2
177.2
173.2
247.1
165.7
169.2
170.2
140.8
149.5
166.3
171.8
174.9
145.5
144.8
148.5
191.5
175.6
178.4
263.6
165.8
169.4
170.3
140.8
149.5
166.4
173.4
175.0
145.6
148.8
148.9
191.1
184.4
174.5
278.4
166.0
169.5
170.4
140.8
150.4
166.5
173.5
175.1
146.1
148.3
148.8
191.7
194.6
180.7
230.1
166.1
169.7
170.5
141.0
150.7
167.4
173.6
175.1
146.5
146.2
149.3
189.9
184.5
181.9
163.6
166.3
169.6
170.8
141.1
150.7
167.4
173.6
175.2
145.7
143.1
146.9
188.9
178.9
183.5
230.4
165.3
169.2
169.8
140.6
149.3
165.1
172.4
174.6
166.4
166.6
167.2
166.3
166.1
167.8
168.4
168.9
168.6
167.1
167.1
Dec.04
Dec. 03
- 0.4
2004*
2003*
+ 1.6
+ 1.8
- 1.5
+ 3.6
+ 0.3
+ 0.9
- 9.8
-14.5
+ 1.3
+ 0.7
+ 1.4
+ 0.6
+ 1.6
+ 2.3
+ 1.3
+ 1.3
+ 1.7
- 1.2
- 1.8
+ 3.1
- 0.5
- 4.9
+11.0
+ 1.5
+ 1.0
+ 1.7
+ 0.6
+ 1.8
+ 0.9
+ 2.6
+ 1.4
+ 0.5
+ 1.5
COST OF LIVING INDEX
Year 2004
100 = 1989
173
Overall index
Foodstuffs
Non-alimentary products
172
171
170
169
168
167
166
165
164
163
Dec.2003
Jan.
Feb
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
VI-2 - Index of industrial producer prices (*)
(1997 = 100)
Annual
Weighting average
%
2003
Percentage changes
2004
2003
2002
+ 2.1
- 0.4
+ 0.2
- 0.3
- 2.1
+ 3.3
+ 1.3
- 1.7
+ 0.1
+ 2.9
+ 0.8
- 0.3
-
2004
2003
+ 1.7
+ 0.2
- 0.4
+ 0.2
+ 2.8
- 1.2
+14.8
+13.5
- 1.6
- 0.2
+ 7.0
+ 1.2
+ 3.4
+ 7.3
-
Food industries..........................................................
Tobacco industry.......................................................
Textile industry ........................................................
Clothing industry ......................................................
Leather and footwear ................................................
Wood and wood products .........................................
Paper and cardboard .................................................
Printing and publishing ............................................
Oil refining ...............................................................
Chemical industry ....................................................
Rubber and plastic products .....................................
Other non-metallic mineral products ........................
Basic metal industry .................................................
Metalworking ...........................................................
Machinery and equipment ........................................
Electrical machinery and equipment.........................
Radio, television and communication equipment ....
Medical, measuring and optical instruments
and watch-making equipment.................................
Car industry..............................................................
Other transport equipment........................................
Furniture and miscellaneous manufactures .............
28.9
3.1
6.5
6.7
1.6
1.8
2.6
1.4
13.3
13.1
2.0
5.9
3.2
3.0
0.9
2.0
0.5
104.1
113.4
97.6
96.8
97.0
97.6
89.3
96.5
133.2
96.0
94.3
106.4
104.0
102.6
90.7
102.8
93.4
103.9
113.4
97.5
96.8
97.0
100.3
87.4
96.5
126.6
108.2
93.0
106.4
104.7
101.7
92.9
103.7
93.4
105.4
113.4
97.5
96.8
97.2
100.3
91.1
96.5
146.2
108.5
93.0
106.4
107.2
101.7
94.1
107.1
93.4
107.5
113.4
96.9
96.8
97.2
100.3
87.7
96.5
160.5
109.3
92.8
106.5
115.8
105.6
94.1
115.1
93.4
106.8
114.3
96.9
96.8
97.2
100.3
86.4
96.5
178.1
109.8
92.4
105.6
117.6
106.2
94.1
115.1
93.4
Annual
average
105.9
113.6
97.2
96.8
97.2
100.3
88.2
96.5
152.9
109.0
92.8
106.2
111.3
103.8
93.8
110.3
93.4
0.1
2.5
0.1
0.9
103.2
99.6
95.2
107.0
103.2
99.6
95.2
108.3
103.2
99.7
95.2
108.0
103.2
99.7
95.2
108.0
103.2
99.7
97.4
108.0
103.2
99.7
95.8
108.1
+ 0.1
+ 1.8
+ 4.2
+ 0.1
+ 0.6
+ 1.0
Overall index............................................................
100
105.2
105.9
109.2
112.2
114.4
110.4
+ 1.3
+ 5.0
(*) Prices excluding taxes and ex works.
1st quarter 2nd quarter 3rd quarter 4th quarter
VI-3 - Indicators of employment and unemployment
(Population in thousands and rates in percentage)
Urban areas
2003
2004
Total
Rural areas
Changes in
absolute
value (2)
2003
2004
Changes in
absolute
value (2)
2003
2004
Changes in
absolute
value (2)
Total population ...........................................
15 964 *
16 408
+ 444
13 443 *
13.414
- 29
29 407 *
29 822
+ 415
Population aged 15 years and over..............
11 723 *
12 129
+ 406
8 722 *
8.806
+ 84
20 445 *
20 935
+ 490
Labour force aged 15 years and over .........
5 384
5 554
+ 170
5 323
5.461
+ 138
10 707
11 015
+ 308
Of which : - Employed ................................
- Unemployed ............................
4 343
1 041
4 533
1 021
+ 190
- 20
5 141
182
5.289
172
+ 148
- 10
9 484
1 223
9 822
1 193
+ 338
- 30
.............................................
45.9
45.8
- 0.1
61.0
62.0
1.0
52.4
52.6
+ 0.2
Unemployment rate ......................................
. By gender
Men .........................................................
Women ...................................................
. By age
15 - 24 years ...........................................
25 - 34 years ...........................................
35 - 44 years ...........................................
45 years and over.....................................
. By diploma
Without any diploma ..............................
With diploma ..........................................
19.3
18.4
- 0.9
3.4
3.2
- 0.2
11.4
10.8
- 0.6
17.4
25.8
16.6
24.3
- 0.8
- 1.5
4.2
1.6
3.9
1.4
- 0.3
- 0.2
11.1
12.2
10.6
11.4
- 0.5
- 0.8
34.5
27.7
10.3
4.2
33.2
26.0
10.4
3.8
- 1.3
- 1.7
+ 0.1
- 0.4
5.5
4.3
1.9
0.9
5.0
4.1
1.7
0.7
- 0.5
- 0.2
- 0.2
- 0.2
16.2
17.5
6.9
2.5
15.4
16.4
7.0
2.2
- 0.8
- 1.1
+ 0.1
- 0.3
11.3
26.5
10.5
25.6
- 0.8
- 0.9
2.2
11.8
2.0
10.7
- 0.2
- 1.1
5.4
23.7
5.0
22.6
- 0.4
- 1.1
Activity rate
(1)
(1) Labour force aged 15 and over as a percentage of the total population aged 15 and over.
(2) For rates, this is a change in percentage points.
(*) The data of the year 2003, relating to the total population and that of 15 years old and over were updated on the basis of the result
of the census 2004.
VI-4 - Employment by branch of economic activity (1)
(In thousands of persons)
Year
2003
Change
in absolute
value
2004
in %
Agriculture, forestry and fishing ................
4 380
4 498
+ 118
+ 2.7
Industry (including handicraft) ..................
1 218
1 250
+ 32
+ 2.6
Construction and public works ..................
627
662
+ 35
+ 5.6
Commerce ..................................................
1 166
1 247
+ 81
+ 6.9
Transport and communication ....................
325
347
+ 22
+ 6.8
services to the community .........................
905
916
+ 11
+ 1.2
Other services..............................................
855
895
+ 40
+ 4.7
Other activities............................................
7
7
0
0.0
Total ................................................
9 484
9 822
+ 338
+ 3.6
Administration and social
(1) Employment of persons aged 15 and over.
VII-1 - Structure of trade transactions
Imports
Exports
Percentage share of the different categories
2003
2004
2003
2004
Foodstuffs, beverages and tobacco........................
8.4
8.7
20.8
15.7
Energy and lubricants...........................................
15.6
16.7
1.1
2.1
Raw products.........................................................
7.5
6.6
8.3
10.3
Semi-finished products (1)......................................
22.8
23.4
23.6
27.3
Finished products...................................................
45.7
44.6
46.2
44.6
. Capital goods....................................................
22.0
22.0
7.7
7.6
. Consumer goods...............................................
23.7
22.6
38.5
37.0
Total ......................................................
(1) Including industrial gold.
100
100
100
100
FOREIGN TRADE
Exports
Imports
In billions of dirhams
160
150
140
130
120
Trade deficit
110
100
90
80
70
60
50
40
1999
2000
2001
2002
2003
2004
VII-2 - Major imports
2003*
Weight in thousands of tonnes
Changes
Weight
Weight
4 730
Foodstuffs, beverages and tobacco ..............
Wheat ..........................................................
2 140
Maize ..........................................................
1 132
139
Barley .........................................................
550
Sugar ...........................................................
59
Dairy products ............................................
Tea ..............................................................
45
Tobacco ......................................................
10
Other ...........................................................
655
Energy and lubricants .................................. 13 037
Crude oil .....................................................
4 614
Refined petroleum products .......................
3 533
Coal ............................................................. 4 890
Electricity ...................................................
Raw products ................................................
5 154
Vegetable oils ............................................
382
Oilseeds ......................................................
444
Timber ........................................................
822
Textile fibers and cotton .............................
41
Sulfur ..........................................................
2 877
Other ...........................................................
588
Semi-finished products (1).............................. 4 877
Chemical products .......................................
887
39
Dyes and disinfectants .................................
650
Natural and chemical fertilizers ...................
Iron and steel ..............................................
1 139
545
Other metal working products......................
364
Plastic materials ...........................................
253
Paper and cardboard ...................................
46
Fiber and cotton yarns..................................
Other ............................................................
954
Agricultural capital goods ............................
27
479
Industrial capital goods.................................
Machines and miscellaneous equipment ....
144
21
Crushing machines .....................................
8
Textile machinery .......................................
18
Equipment of extraction .............................
11
Tools and machine tools .............................
Tanks, bottles and metal drums ..................
23
9
Electrical switch gear .................................
Power generators ........................................
9
Electrical appliance of telephony and
telecommunications transmitters.................
2
16
Wires and cables for electricity ..................
Aircraft .......................................................
45
Industrial vehicles .......................................
Other ...........................................................
173
Consumer goods ............................................
544
Pharmaceutical products...............................
5
91
Textile products............................................
42
Plastic articles ..............................................
Telecommunications receivers ....................
20
28
Passenger cars ..............................................
22
Spare parts ...................................................
Other ............................................................
336
Total............................................... 28 848
(*) Revised.
(**) Preliminary.
Source : Foreign Exchange Office.
2004**
Value
Weight
Value
Thousands
of tonnes
Value
%
Millions of
dirhams
%
11 431
3 674
1 492
202
1 095
888
610
646
2.824
21 181
9 222
9 983
1 926
50
10 179
2 094
1 149
1 970
515
1 618
2 833
31 090
4 215
1 260
945
3 081
3 797
3 628
2 066
1259
10 839
1 004
28 971
5 604
1 026
783
521
588
681
1 854
644
5 498
2 646
1 223
200
601
52
46
11
719
14 033
6 098
2 463
5 472
5 194
365
456
770
35
2 947
621
5 076
806
43
729
1 328
502
359
277
44
988
32
433
49
26
4
24
12
29
9
5
13 605
4 944
1 789
275
1 093
950
647
635
3.272
26 058
14 539
8 385
3 134
10 375
1 933
1332
2 041
493
1 524
3 052
36 580
4 678
1 386
1.276
5 071
4 797
4 153
2 254
1 237
11 728
1 229
33 186
6 061
1 127
465
838
654
851
1 621
321
768
506
91
61
51
-7
1
1
64
996
1 484
-1 070
582
40
- 17
12
- 52
-6
70
33
199
- 81
4
79
189
- 43
-5
24
-2
34
5
- 46
- 95
5
-4
6
1
6
-4
16.2
23.6
8.0
43.9
9.3
-11.9
2.2
10.0
9.8
7.6
32.2
-30.3
11.9
0.8
-4.5
2.7
-6.3
-14.6
2.4
5.6
4.1
-9.1
10.3
12.2
16.6
-7.9
-1.4
9.5
-4.3
3.6
18.5
-9.6
-66.0
23.8
-50.0
33.3
9.1
26.1
-44.4
2 174
1 270
297
73
-2
62
37
- 11
448
4 877
5 317
-1 598
1 208
- 50
196
- 161
183
71
- 22
- 94
219
5 490
463
126
331
1 990
1 000
525
188
- 22
889
225
4 215
457
101
- 318
317
66
170
- 233
- 323
19.0
34.6
19.9
36.1
-0.2
7.0
6.1
-1.7
15.9
23.0
57.7
-16.0
62.7
-100.0
1.9
-7.7
15.9
3.6
-4.3
-5.8
7.7
17.7
11.0
10.0
35.0
64.6
26.3
14.5
9.1
-1.7
8.2
22.4
14.5
8.2
9.8
-40.6
60.8
11.2
25.0
-12.6
-50.2
1 033
1 040
2 136
2 420
10 641
32 214
2 126
8 219
1 652
2 472
2 477
696
14 572
136 070
3
21
45
206
623
5
89
40
27
51
26
385
30 889
1 655
1 833
1 113
2 515
14 132
35 264
2 168
7 583
1 682
3 550
3 904
834
15 543
156 297
1
5
33
79
-2
-2
7
23
4
49
2 041
50.0
31.3
19.1
14.5
-2.2
-4.8
35.0
82.1
18.2
14.6
7.1
622
793
-1 023
95
3 491
3 050
42
- 636
30
1 078
1 427
138
971
20 227
60.2
76.3
-47.9
3.9
32.8
9.5
2.0
-7.7
1.8
43.6
57.6
19.8
6.7
14.9
VII-3 - Major exports
2003*
Weight in thousands of tonnes
2004**
Changes
Weight
Weight
Value
Weight
Value
Value
Thousands
of tonnes
%
Millions
of dirhams
-269
-84
-109
-44
-14
-3
22
-14
-23
491
-17.3
-18.1
-31.9
-51.2
-20.6
-2.4
27.8
-36.8
-6.5
105.1
-3 885
-371
-967
-1 895
-326
-78
222
-107
-363
874
%
Foodstuffs, beverages and tobacco........
Citrus fruits ..........................................
Early vegetables ...................................
Crustaceans molluscs and shellfish .....
Fresh fish ..............................................
Canned fish...........................................
Canned fruits and vegetables................
Fish meal...............................................
Other ....................................................
Energy and lubricants ...........................
1 553
463
342
86
68
123
79
38
354
467
17 472
2 326
2 304
4 260
1 634
3 229
1 104
245
2.370
889
1 284
379
233
42
54
120
101
24
331
958
13 587
1 955
1 337
2 365
1 308
3 151
1 326
138
2.007
1 763
Raw animal and vegetable products .....
213
1 991
251
2 587
38
17.8
596
29.9
Olive oil ...............................................
3
Paper pulp ............................................
106
Plants and flowers ................................
12
1
Agar-agar .............................................
18
Cork ......................................................
Other ....................................................
73
Raw mineral products .......................... 13 341
Phosphates ............................................ 11 010
Zinc ore ................................................
209
Lead ore ...............................................
47
2 075
Other ores..............................................
Semi-finished products (1).......................
4 986
Phosphoric acid ....................................
1 775
Natural and chemical fertilizers ...........
2 159
3
Electronic devices (transistors) ............
59
Unwrought lead and silver ...................
Hides and skins ....................................
1
Iron sheets ............................................
57
Other ....................................................
932
66
Capital goods ..........................................
Tyres ....................................................
5
1
Electronic under-systems .....................
29
Wires and cables for electricity ............
Other ....................................................
31
225
Consumer goods .....................................
Clothing ................................................
76
51
Hosiery .................................................
Shoes ....................................................
10
2
Carpets .................................................
Fiber and cotton fabrics .......................
6
Other ....................................................
80
72
415
208
176
163
957
4 994
3 468
325
141
1 060
19 770
4 856
3 554
5 697
581
107
280
4 695
6 477
122
357
3 835
2 163
32 294
18 549
8 109
1 481
141
484
3 530
24
100
10
1
11
105
14 591
11 720
180
45
2 646
5 307
2 062
2 047
1
22
134
1 041
84
5
28
51
237
77
51
10
2
5
92
488
367
171
176
112
1 273
6 299
4 003
343
213
1 740
23 581
6 523
3 888
5 546
488
125
834
6 177
6 601
140
108
3 486
2 867
31 947
18 644
7 641
1 469
143
368
3 682
21
-6
-2
-7
32
1250
710
-29
-2
571
321
287
-112
-2
-37
-1
77
109
18
-1
-1
20
12
1
-1
12
700.0
-5.7
-16.7
-38.9
43.8
9.4
6.4
-13.9
-4.3
27.5
6.4
16.2
-5.2
-66.7
-62.7
-100.0
135.1
11.7
27.3
-100.0
-3.4
64.5
5.3
1.3
-16.7
15.0
416
-48
-37
-51
316
1.305
535
18
72
680
3.811
1.667
334
- 151
-93
18
554
1.482
124
18
-249
-349
704
- 347
95
-468
-12
2
-116
152
577.8
-11.6
-17.8
-31.3
33.0
26.1
15.4
5.5
51.1
64.2
19.3
34.3
9.4
-2.7
-16.0
16.8
197.9
31.6
1.9
14.8
-69.7
-9.1
32.5
-1.1
0.5
-5.8
-0.8
1.4
-24.0
4.3
83 887
22 712
86 365
1 861
8.9
2 478
3.0
Total.....................................................
(*) Revised.
(**) Preliminary.
20 851
-22.2
-16.0
-42.0
-44.5
-20.0
-2.4
20.1
-43.7
-15.3
98.3
VII-4 - Geographical distribution of foreign trade
Imports
Exports
C.I.F.
F.O.B.
Balances
2003
2004
66 623
-27 803
-38 431
63 482
28 679
14 967
3 300
4 321
6 110
2 119
1 847
2 139
63 840
28 590
15 020
2 648
4 067
6 637
2 369
2 024
2 485
-16 416
+ 694
- 1 906
- 3 776
- 5 372
+ 754
- 1 120
- 813
- 4 877
-23 165
+ 591
- 3 813
- 6 682
- 6 216
+ 1 418
- 241
- 866
- 7 356
18 049
8 836
2 987
727
2.783
691
-11 387
- 5 995
-15 266
- 8 145
22 189
8 634
6 861
434
1 339
13 555
2 834
1 568
116
4 656
4 381
28 445
12 759
8 401
2 454
1 904
15 686
3 175
1 092
117
6 613
4 689
7 420
1 571
574
301
696
5 849
1 652
2 612
186
631
768
7 321
1 645
509
381
755
5 676
587
2 992
697
441
959
-14 769
- 7 063
- 6 287
- 133
- 643
- 7 706
- 1 182
+ 1 044
+ 70
- 4 025
- 3 613
-21 124
-11 114
-7 892
- 2 073
- 1 149
-10 010
-2 588
+ 1 900
+ 580
- 6 172
- 3 730
AMERICA ....................................................
United States ............................................
Canada ......................................................
Brazil ........................................................
Mexico ......................................................
Argentina ..................................................
Other .........................................................
12 676
5 513
1 324
2 564
128
2 023
1 124
15 657
6 472
1 402
3 961
62
2 234
1 526
5 040
2 347
303
1 739
458
26
167
7 163
3 514
340
2 430
573
32
274
- 7 636
- 3 166
- 1 021
- 825
+ 330
- 1 997
- 957
- 8 494
- 2 958
- 1 062
- 1 531
+ 511
- 2 202
- 1 252
AFRICA .......................................................
Maghreb-Arab Union countries ................
Algeria .......................................................
Tunisia .......................................................
Libya .........................................................
Mauritania .................................................
Other ............................................................
6 588
2 931
1 672
676
579
4
3 657
6 263
2 590
1 415
756
400
19
3 673
4 017
1 311
229
412
442
228
2 706
4 202
1 375
362
542
289
182
2 827
- 2 571
- 1 620
- 1 443
- 264
- 137
+ 224
- 951
- 2 061
- 1 215
- 1 053
- 214
- 111
+ 163
- 846
OCEANIA and other ...................................
345
878
941
1 056
+ 596
+ 178
Total .................................................
136 070
156 297
83 887
86 365
-52 183
-69 932
2003
2004
2003
2004
EUROPE .......................................................
94 272
105 054
66 469
European Union (*) ......................................
France .......................................................
Spain .........................................................
Germany ...................................................
Italy ..........................................................
United Kingdom........................................
Netherlands ..............................................
Belgium-Luxembourg Economic Union ..
Other E.U. countries .................................
79 898
27 985
16 873
7 076
9 693
5 356
3 239
2 660
7 016
87 005
27 999
18 833
9 330
10 283
5 219
2 610
2 890
9 841
Other European countries...........................
Russia .......................................................
14 374
6 722
ASIA ..............................................................
Middle East countries ................................
Saudi Arabia .............................................
Iran ...........................................................
Other .........................................................
Other Asian countries ................................
Japan .........................................................
India ..........................................................
Pakistan.....................................................
China ........................................................
Other .........................................................
* Including the ten new members
VIII-1 - Balance of payments
2003*
Credit
2004**
Debit
Net
Credit
Debit
Net
A. CURRENT ACCOUNT .................................. 180 432.7
Goods .................................................................. 83 887.4
- General merchandise ...................................... 52 404.1
- Goods for processing ..................................... 31 017.5
- Goods procured in ports by carriers ...............
465.8
Services ............................................................... 52 412.5
- Transportation ................................................
8 697.0
- Travel ............................................................. 30 881.4
- Communication services ................................
2 382.2
- Insurance services ..........................................
732.6
- Royalties and license fees ..............................
243.4
- Other business services ..................................
6 121.4
- Government services. n.i.e. ............................
3 354.5
Income ................................................................
3 550.1
- Private investment income .............................
124.4
- Income on public investment and debt ..........
3 425.7
Unrequited transfers ......................................... 40 582.7
- Public ...........................................................
1 341.1
- Private ............................................................ 39 241.6
B. CAPITAL AND FINANCIAL ACCOUNT.... 41 904.8
1. Capital account ..............................................
Transfers of capital ...........................................
2. Financial account ........................................... 41 904.8
Private sector ................................................ 28 483.6
- Commercial credits ....................................
3 664.3
- Loans and investment ................................ 23 973.5
- Other ..........................................................
845.8
Public sector .................................................. 13 421.2
- Loans .......................................................... 13 421.2
165 195.1
125 380.4
107 019.7
18 293.4
67.3
27 360.0
10 782.0
5 244.0
206.4
547.7
277.6
5 413.1
4 889.2
11 109.4
5 692.8
5 416.6
1 345.3
562.8
782.5
38 425.3
96.6
96.6
38 328.7
14 108.6
3 161.3
9 447.3
1 500.0
24 220.1
24 220.1
+ 15 237.6
- 41 493.0
- 54 615.6
+ 12 724.1
+ 398.5
+ 25 052.5
- 2 085.0
+ 25 637.4
+ 2 175.8
+ 184.9
- 34.2
+ 708.3
- 1 534.7
- 7 559.3
- 5 568.4
- 1 990.9
+ 39 237.4
+ 778.3
+ 38 459.1
+ 3 479.5
- 96.6
- 96.6
+ 3 576.1
+ 14 375.0
+ 503.0
+ 14 526.2
- 654.2
- 10 798.9
- 10 798.9
195 882.8
86 365.2
55 359.5
30 466.6
539.1
60 557.4
10 341.1
34 767.8
2 789.6
834.8
148.7
8 065.4
3 610.0
4 488.5
535.2
3 953.3
44 471.7
1 638.6
42 833.1
33 816.9
33 816.9
25 610.7
8 355.2
15 093.6
2 161.9
8 206.2
8 206.2
186 049.6
143 911.4
125 216.2
18 648.9
46.3
30 511.0
12 175.5
5 041.4
426.9
723.4
322.0
6 098.6
5 723.2
10 261.6
5 918.2
4 343.4
1 365.6
471.1
894.5
25 179.8
70.7
70.7
25 109.1
6 756.2
2 358.4
4 397.8
18 352.9
18 352.9
+ 9 833.2
- 57 546.2
- 69 856.7
+ 11 817.7
+ 492.8
+ 30 046.4
- 1 834.4
+ 29 726.4
+ 2 362.7
+ 111.4
- 173.3
+ 1 966.8
- 2 113.2
- 5 773.1
- 5 383.0
- 390.1
+ 43 106.1
+ 1 167.5
+ 41 938.6
+ 8 637.1
- 70.7
- 70.7
+ 8 707.8
+ 18 854.5
+ 5 996.8
+ 10 695.8
+ 2 161.9
- 10 146.7
- 10 146.7
-
2 985.1
- 2 985.1
-
2 200.3
- 2 200.3
222 337.5
206 605.5
+ 15 732.0
229 699.7
213 429.7
+ 16 270.0
C. STATISTICAL DISCREPANCY ..................
TOTAL ...............................................
n.i.e. : not included elsewhere.
(*) Revised.
(**) Preliminary.
IX-1 - Main foreign exchange rates quoted by the Bank Al-Maghrib
- Rates of the transfer payments 2003
End of period
1 Euro - EUR
1 U.S. dollar - USD
Annual
December January February
average
Buying rate
Selling rate 10.814
Buying rate
Selling rate 9.5744
1 Canadian dollar - CAD Buying rate
Selling rate 6.8332
1 Pound sterling - GBP
1 Swiss franc - CHF
2004
Buying rate
Selling rate 15.633
Buying rate
Selling rate 7.1137
Buying rate
100 Japanese yens - JPY Selling rate 8.2632
March
April
May
June
July
August September October November December
11.022
10.993
10.987
10.954
10.910
10.952
10.941
10.918
10.933
10.982
11.039
11.125
11.177
11.088
11.059
11.053
11.020
10.976
11.018
11.007
10.984
10.999
11.048
11.105
11.192
11.245
8.7237
8.8221
8.8430
8.9556
9.1045
8.9621
9.0001
9.0790
9.0262
8.8598
8.6653
8.3712
8.1931
8.7762
8.8751
8.8962
9.0094
9.1592
9.0160
9.0542
9.1335
9.0804
8.9130
8.7173
8.4215
8.2424
6.7794
6.6217
6.5572
6.8379
6.6270
6.5775
6.6898
6.8114
6.8536
6.9820
7.0940
7.0420
6.8041
6.8201
6.6615
6.5966
6.8790
6.6668
6.6170
6.7300
6.8524
6.8948
7.0239
7.1366
7.0843
6.8450
15.650
16.056
16.379
16.421
16.190
16.442
16.313
16.460
16.185
15.999
15.868
15.977
15.835
15.744
16.153
16.477
16.519
16.287
16.541
16.411
16.559
16.282
16.095
15.964
16.073
15.930
7.0732
7.0301
6.9581
7.0257
7.0308
7.1557
7.1766
7.0924
7.0871
7.0844
7.2153
7.3590
7.2435
7.1157
7.0723
6.9999
7.0679
7.0731
7.1987
7.2197
7.1350
7.1297
7.1270
7.2587
7.4032
7.2870
8.1564
8.3440
8.1017
8.6108
8.2622
8.1068
8.2627
8.0838
8.2190
8.0212
8.1659
8.1463
7.9980
8.2055
8.3941
8.1504
8.6625
8.3119
8.1556
8.3123
8.1324
8.2684
8.0694
8.2150
8.1953
8.0460
Annual
average
11.021
8.8680
6.8163
16.241
7.1384
8.1988
TRANSFER PAYMENTS EXCHANGE RATES
(End of period)
In dirhams
Euro
11,5
US dollar
11,0
10,5
10,0
9,5
9,0
8,5
8,0
Dec.02
March
June
2003
Sept.
Dec.
March
2004
June
Sept.
Dec.
X-1 - Treasury revenue and expenditure
January - December *
2003
January - December
2004
I. CURRENT REVENUE ..............................................
Fiscal revenue ..............................................................
Direct taxes ..............................................................
Customs duties .........................................................
(1)
Indirect taxes ............................................................
Registration fees and stamp duties............................
Non-fiscal revenue .......................................................
State monopolies ......................................................
Government property ...............................................
Miscellaneous revenues............................................
Privatization .............................................................
Receipts of certain special accounts ..........................
109 386
91 219
33 363
10 670
41 890
5 296
14 939
5 038
184
3 409
6 308
3 228
116 604
97 286
36 468
11 412
43 901
5 505
15 761
7 132
175
3 246
5 208
3 557
II. EXPENDITURE .......................................................
Current expenditure .................................................
Administrative expenses.........................................
Of which : Personnel expenses ............................
Interest on the public debt .......................................
. Domestic.............................................................
. Foreign ...............................................................
Subsidies for consumption .....................................
123 223
97 545
75 305
(53 225)
17 351
(14 169)
(3 182)
4 889
130 939
104 037
79 838
(56 623)
17 397
(15 059)
(2 338)
6 802
CURRENT ACCOUNT BALANCE.......................
+11 841
+12 567
Capital expenditure...................................................
19 818
22 059
Special accounts balance .........................................
- 5 860
- 4 843
BUDGET DEFICIT..................................................
As a % of GDP .....................................................
- 13 837
(3.3)
- 14 335
(3.2)
III. CHANGE IN ARREARS .........................................
- 2 098
990
FINANCING REQUIREMENT (I-II+III) ...........
- 15 935
- 13 345
NET FINANCING ...................................................
Foreign financing...................................................
Foreign borrowing ..............................................
Amortization .......................................................
Domestic financing.................................................
Bank financing.....................................................
Bank Al-Maghrib ...........................................
Banks ..............................................................
Non bank financing..............................................
On the capital market .....................................
Monetary deposits with the Treasury
and the Postal cheque centre ..........................
Other deposits.................................................
15 935
- 8 746
8 422
- 17 168
24 680
- 2 394
(- 2 601)
( 207)
27 074
20 658
13 345
- 6 451
4 657
- 11 108
19 796
- 5 851
(- 762)
(- 5 089)
25 647
17 287
241
6 175
9
8 351
(1) Including the share of the VAT receipts paid to local authorities.
(*) Revised.
Sources : Ministry of Finance and Privatization.
Bank Al-Maghrib.
X-2 - Treasury current revenue
January - December*
2003
January - December
2004
Percentage
change
FISCAL REVENUE ......................................................
91 219
97 286
+ 6.7
Direct taxes ...................................................................
Corporation tax ............................................................
General income tax .....................................................
Other direct taxes ........................................................
33 363
14 534
17 783
1 046
36 468
15 857
19 583
1 028
+ 9.3
+ 9.1
+ 10.1
- 1.7
Customs duties .............................................................
10 670
11 412
+ 7.0
Indirect taxes ............................................................
Value added tax (V.A.T) ............................................
- Domestic ................................................................
- Imports ...................................................................
Domestic taxes on consumption ..................................
- Petroleum products ................................................
- Tobacco products ...................................................
- Other domestic taxes ..............................................
Registration fees and stamp duties ............................
41 890
26 010
(11 503)
(14 507)
15 880
(9 445)
(5 349)
(1 086)
5 296
43 901
29 070
(12 243)
(16 827)
14 831
(8 509)
(5 139)
(1 183)
5 505
+ 4.8
+ 11.8
+ 6.4
+ 16.0
- 6.6
- 9.9
- 3.9
+ 8.9
+ 3.9
NON-FISCAL REVENUE ...........................................
Monopolies ....................................................................
Government property ....................................................
Miscellaneous revenues.................................................
14 939
5 038
184
3 409
15 761
7 132
175
3 246
+ 5.5
+ 41.6
- 4.9
- 4.8
Privatization ..................................................................
6 308
5 208
- 17.4
RECEIPTS OF CERTAIN SPECIAL ACCOUNTS .
3 228
3 557
+ 10.2
TOTAL CURRENT REVENUE .................................
109 386
116 604
+ 6.6
(*) Revised.
Source : Ministry of Finance and Privatization.
X-3 - Estimated general budget expenditure
Finance Act
Finance Act
Finance Act
2002
2003
2004
Administrative expenses ....................................
75 442
78 250
81 047
. Personnel ..........................................................
. Material and supplies........................................
. Common expenses.............................................
Of which : Subsidies for consumption (1).........
. Contingencies ...................................................
51 163
12 924
8 705
(2 705)
2 650
52 340
13 370
9 340
(3 213)
3 200
53 567
14 227
8 140
(1 590)
5 113
Public debt service ..............................................
. Domestic............................................................
. Foreign..............................................................
46 708
31 812
14 896
41 759
25 846
15 913
41 626
30 184
11 442
Capital expenditure (2)........................................
19 925
19 547
19 195
Total general budget expenditure .....................
142 075
139 556
141 868
(1) Excluding subsidies to be provided by the Price Support Fund.
(2) Credits opened by the Finance Act excluding amounts brought forward.
X-4 - Estimated general budget revenue
Finance Act
Finance Act
Finance Act
2002
2003
2004
Fiscal revenue ......................................................
- Direct taxes ........................................................
- Customs duties ...................................................
- Indirect taxes ......................................................
Of which : Petroleum products taxes................
- Registration fees and stamp duties .....................
79 734
28 899
13 609
32 564
(9 178)
4 662
82 360
31 170
12 729
33 407
(9 545)
5 054
83 898
33 230
10 890
34 442
(8 849)
5 336
Non-fiscal revenue ...............................................
- State monopolies ................................................
- Government property .........................................
- Other income ......................................................
- Income carried in from adjusted expenditure ....
- Privatization ......................................................
20 113
5 996
171
954
492
12 500
19 027
4 945
176
1 106
300
12 500
19 467
5 676
177
1 064
550
12 000
Loans revenue ...................................................
- Foreign ...............................................................
- Domestic ............................................................
36 249
6 800
29 449
35 382
4 982
30 400
38 003
6 203
31 800
Total general budget revenue ............................
136 096
136 769
141 368
XI-1 - Bank liquidity developments
Dec. 2003
Outstanding
January
amounts
"Central bank" money .................................
124 652
- Notes and coin in circulation ................................. 77 889
- Accounts of banks (3)..............................................
29 148
(4)
- Accounts of the Treasury .................................... 15 749
- Accounts of banks held in foreign currency...........
0
- Other ......................................................................
1 866
Bank Al-Maghrib's net foreign
exchange holdings ...........................................
122 696
Foreign exchange swaps..........................................
777
Bank Al-Maghrib's claims on the Treasury..........
5 810
Miscellaneous claims of the Bank Al-Maghrib ....
11 534
Other factors ..............................................
- 12 053
Total (2).......................................................... - 4 112
Bank Al-Maghrib money
market interventions ..........................................
7 days calls for tenders (5).....................................
Fine tuning mechanisms (6) ..................................
- Open market (7) ...................... .........................
- Foreign exchange swaps (7)..............................
- Liquidity withdrawals (7) ..................................
On banks' initiative
- 5 - day advances (8)........................................
- 24-hours deposit facility (8).............................
24 - hour advances
- On banks' initiative
- To cover a debit balance
- 4 112
0
- 4 113
0
- 777
-3 336
0
0
0
+2
0
+2
Monthly changes 2004 (1)
February
March
April
May
June
July
August September October November December
-316
-2 171
+381
+799
0
+676
-1 683
-717
-417
-207
0
-342
+739
+1 202
+589
-540
0
-512
-551
+205
-288
-388
0
-80
-312
+564
-495
-340
0
-41
-3 842
-164
-522
-3 309
0
+153
+937
-2 937
-798
4 710
0
-38
-2 186
-3 947
+537
+970
0
+254
-758
+1 460
-651
-1 533
0
-34
+670
+902
-297
-54
0
+119
-2 570
-388
-1 901
-263
0
-18
+1 745
+953
-267
+2 765
0
-1 706
-1 560
-277
+210
+20
+79
+2 041
0
-180
-3
-331
+1 544
-300
-10
-16
-214
+209
+780
+88
-303
+418
-119
+520
-64
-13
+938
+1 634
-200
0
-30
-445
-95
-780
+370
+163
-224
+5 519
-520
-41
-94
+288
+2 196
0
-423
-18
-586
-1 602
0
+331
+9
-443
-1 939
0
-154
-3
+315
+2 335
0
+286
-3
+457
-1 843
-157
+1 743
+641
+950
-2 883
+371
+2 966
+411
-1 035
-4 351
+4 820
+1 843
0
+2 164
0
+277
+1 888
-320
0
-320
-1
0
-1
+157
0
+563
0
0
+563
-408
0
-408
+2
0
+2
-1 743
0
+545
0
+300
+245
-2 285
0
-2 285
-3
0
-3
-641
0
-804
0
-780
-24
+163
0
+163
0
0
0
-950
0
-234
0
-520
+286
-718
0
-718
+2
0
+2
+2 883
0
+260
0
+200
+60
+2 621
0
+2 621
+2
0
+2
-371
0
+756
0
+780
-24
-1 124
0
-1 124
-3
0
-3
-2 966
0
+657
0
+520
+137
-3 625
0
-3 625
+2
0
+2
-411
0
-319
0
0
-319
-91
0
-91
-1
0
-1
+1 035
0
-162
0
0
-162
+1 197
0
+1 197
0
0
0
+4 351
0
+213
0
0
+213
+4 140
+317
+3823
-2
0
-2
-4 820
0
-306
0
0
-306
-4 514
-317
-4 197
0
0
0
(1) Month-end to month-end changes in outstanding amounts, with the averages being themselves calculated on the basis of the weekly outstanding amounts.
(2) The plus sign indicates an expansive effect on bank liquidity and the minus sign a restrictive effect.
(3) Bank holdings consist almost entirely of the monetary reserve.
(4) Including the credit balance of the Hassan II Fund for Economic and Social Development account.
(5) Main mechanism of bank's refinancing the rate of which represents the central bank's key rate.
(6) Mechanisms aimed at keeping the interest rate at a level close to the key rate.
(7) The minus sign indicates a liquidity withdrawal and the plus sign an injection of liquidity.
(8) The rates of the 5-day advances and the 24-hour deposit facility constitute the upper and lower limits of the range within which interbank rate should fluctrate.
Source : Bank Al-Maghrib.
MONTHLY IMPACT OF AUTONOMOUS
BANK-LIQUIDITY FACTORS
(average)
Year 2004
BAM's claims on the Treasury
BAM's net foreign exchange holdings
Other factors
Miscellaneous claims of the BAM
"Central bank" money
Total
8
6
4
2
0
-2
-4
-6
Jan.
Feb.
March
April
May
June
July
August
Sept.
Oct.
Nov.
Dec.
XI-2 - Bank Al-Maghrib's interventions on the money market
2004
(Daily average of the week)
1st to 7 january .......................
8 to 14 January ......................
15 to 21 January .......................
22 to 28 January ......................
29 January to 4 February ..........
5 to 11 February .....................
12 to 18 February .....................
19 to 25 February .....................
26 February to 3 March ...........
4 to 10 March ........................
11 to 17 March ........................
18 to 24 March .......................
25 to 31March .........................
1st to 7 April ..........................
8 to 14 April .........................
15 to 21 April ...........................
22 to 28 April ...........................
29 April to 5 May......................
6 to 12 May ...........................
13 to 19 May ...........................
20 to 26 May ...........................
27 May to 2 June .....................
3 to 9 June ..............................
10 to 16 June ............................
17 to 23 June ............................
24 to 30 June ............................
1st to 7 July ............................
8 to 14 July ............................
15 to 21 July ............................
22 to 28 July ...........................
29 July to 4 August ...................
5 to 11 August ........................
12 to 18 August ........................
19 to 25 August ........................
26 August to 1st September .....
2 to 8 September ...................
9 to 15 September ...................
16 to 22 September ..................
23 to 29 September ...................
30 September to 6 October .......
7 to 13 October .......................
14 to 20 October .......................
21 to 27 October ......................
28 October to 3 November ......
4 to 10 November ...................
11 to 17 November ...................
18 to 24 November ...................
25 November to 1st December .
2 to 8 December ...................
9 to 15 December ...................
16 to 22 December ...................
23 to 29 December ...................
30 and 31 December .................
Average ..............................
Fine tuning mechanisms
7 day
advances on
calls for
tenders
-
Open
Market
-
-
-
Facility on
banks' initiative
Liquidity Foreign
5 - day
withexchange
advances
drawals
swaps
-3 857
- 500
-1 250
- 500
- 200
- 500
- 300
- 500
- 300
- 500
-1 100
- 500
-1 300
- 500
- 750
- 500
- 400
- 371
- 800
- 200
-1 120
- 200
- 400
- 200
- 250
- 200
- 250
- 200
-1 950
- 200
- 475
-1 500
- 356
-1 500
- 300
-1 500
- 420
-1 500
- 420
-1 500
- 460
-1 500
- 220
-1 443
- 340
-1 300
- 250
-1 300
- 290
-1 300
- 400
-1 300
- 400
-1 300
- 415
-1 300
- 415
- 280
- 210
- 330
- 320
- 180
- 406
- 506
- 598
- 596
- 636
- 700
- 684
- 720
- 700
- 700
- 700
238
- 100
725
- 500
- 800
- 800
- 800
- 663
- 844
- 607
-449
18
24-hour
deposit
facility
- 79
- 429
-1 009
- 271
- 586
-1 204
- 543
-3 239
-3 157
-1 939
-2 386
-4 201
-2 211
-2 545
- 586
-1 854
-2 593
-4 021
-3 668
-4 057
-2 183
- 836
- 408
- 233
-3 950
-1 679
-2 881
-5 536
-5 183
-3 990
-3 624
-4 367
-6 311
-5 374
-4 861
-4 759
-2 979
-3 344
-2 201
-3 911
-1 223
- 271
- 853
-1 986
-3 039
-8 803
-7 642
- 159
-4 013
-2 588
24-hour advances
To cover a
On banks' debit balance
initiative
Total
-
1
1
3
3
7
1
5
7
1
1
1
2
3
1
2
2
6
1
1
2
1
1
3
1
16
2
5
2
2
2
1
3
2
5
2
2
2
2
9
2
1
1
9
3
-4 435
-2 179
-1 708
-797
-797
-1 864
-2 385
-2 449
-1 314
-4 232
-4 477
-2 539
-2 835
-4 650
-4 361
-4 520
-2 442
-3 653
-4 511
-5 938
-5 627
-5 718
-3 823
-2 384
-1 992
-1 932
-5 649
-3 392
-3 295
-279
-207
-5 865
-5 167
-4 308
-3 799
-4 771
-6 815
-5 970
-5 456
-5 392
-3 677
-4 023
-2 919
-4 609
-1 921
-731
-219
-2 484
-3 838
-9 602
-8 433
-822
-
2
-3 624
-4 854
Foreign exchange swaps
BANK AL-MAGHRIB'S MONTHLY INTERVENTIONS
ON THE MONEY MARKET
(average)
Year 2004
Liquidity withdrawals
Advances to the banks
Deposit facility
Open market
5
BAM's interventions on the money market
4
3
2
1
0
-1
-2
-3
-4
-5
-6
Jan.
Feb.
March
April
May
June
July
August
Sept.
Oct.
Nov.
Dec.
XI-3 - Money market rates
(Per cent per annum)
Interbank market rate
Bank Al-Maghrib's intervention rate
7 days
2004
24 hours
March ....................
April ......................
May .......................
June .......................
July ........................
August ...................
September ..............
October ..................
November ..............
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
3.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
4.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
8.25
To cover a
debit
balance
10.25
10.25
10.25
10.25
10.25
10.25
10.25
10.25
10.25
10.25
10.25
December ..............
3.25
4.25
8.25
10.25
(Calls for
tenders)
January ..................
February ................
5 days
On bank's
initiative
Liquidity
24-hour
deposit
facility
Monthly
average
Month
end
3.00
2.94
2.66
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.50
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.72
2.74
2.29
2.28
2.26
2.36
2.31
2.39
2.27
2.29
2.43
2.97
2.69
2.50
2.25
2.32
2.27
with
drawals
2.25
2.27
2.25
2.32
2.39
2.30
2.25
2.29
2.3
XI-4 - Interest rates of deposits with banks
2004
2003
January - June
July - December
January - June
July - December
Deposits with banks
Sight deposits ....................................... not remunerated
Savings accounts (1) .............................. 2.15 (minimum)
Other accounts ......................................
Free rate
not remunerated
2.95 (minimum)
Free rate
not remunerated
2.49 (minimum)
Free rate
not remunerated
2.35 (minimum)
Free rate
(1) Since 1 July 1999, the minimum rate on savings books has been equal to the weighted average rate on the
52-week Treasury bills issued by tender during the previous half year minus 100 basis points.
XI-5 - Interest rates of deposits with the National Savings Fund
Period
National Savings Fund
January - June 2003
(1)
.....................
2.65
July - Dec. 2003
2.36
Jan. - June 2004
2.30
July - Dec. 2004
2.10
(1) Since January 1998, the interest rate on deposits on savings books of the National Savings Fund has been equal to the
average rate on the 5-year Treasury bonds issued by tender during the previous half year minus 250 basis points.
WEIGHTED AVERAGE INTERBANK MARKET RATE
Year 2004
Liquidity withdrawal rates
In %
5-day advances
Weighted average interbank market rate
7- day advances
Deposit facility
4,50
4,25
4,00
3,75
3,50
3,25
3,00
2,75
2,50
2,25
2,00
Jan.
Feb.
Mar.
Apr.
May.
Jun.
Jul.
Aug.
Sep.
Oct.
Nov.
Dec.
XI-6 - Weighted average interest rate of time accounts
6-month deposits
weighted
average
12- month deposits
weighted
average
6 and 12month deposits
weighted average
interest rate
interest rate
interest rate
January ...................
3.34
4.04
3.71
February .................
3.29
3.63
3.47
March .....................
3.42
3.68
3.53
April .......................
3.25
3.76
3.52
May ........................
3.16
3.61
3.41
June ........................
3.16
3.53
3.33
July .........................
3.09
3.47
3.31
August ....................
3.20
3.53
3.43
September ...............
3.21
3.52
3.40
October ...................
3.27
3.48
3.37
November ...............
3.29
3.53
3.40
December ...............
3.29
3.48
3.38
2004
XI-7 - Interest rates of 6-month Treasury bills (1)
Period
Oct. - Dec. 2003
Jan. - March 2004
April - June 2004
July - Sept 2004
Oct. - Dec. 2004
- 6 month (2)..............
3.90
3.70
3.70
3.00
2.70
Treasury bills
(1) Permanent issue.
(2) Since July 2002, the interest rate on 6-month bills has been equal to the average rate of 26-week Treasury bills issued by
tender during the previous quarter plus 25 basis points.
XI-8 - Weighted average rates of Treasury bills issued by tender
Maturities 13-week bills
Interbank market rate
26-week bills
52-week bills
2-year bills
5-year bills
10-year bills
15-year bills
20-year bills
Years
2003
January .......................
February .....................
March .........................
April ...........................
May ............................
June ............................
July .............................
August ........................
September ..................
October ......................
November ..................
December ...................
3.10
3.36
3.51
3.48
3.39
2.92
3.35
3.35
3.28
3.42
3.80
3.67
3.5
3.10
3.11
3.30
3.50
3.50
3.58
3.90
4.35
4.00
3.82
3.22
3.18
3.11
2.95
3.75
3.79
4.04
4.27
4.28
3.60
3.50
3.50
3.40
3.67
4.04
4.04
4.92
5.05
4.98
4.64
4.39
4.39
4.31
4.72
4.95
5.00
5.90
5.96
5.87
5.54
5.29
5.27
5.27
5.28
-
6.48
6.50
6.45
6.17
5.91
5.89
5.89
5.88
5.89
-
2004
January .......................
February…………
March .........................
April ...........................
May ............................
June ............................
July .............................
August ........................
September ..................
October ......................
November ..................
December ...................
3.04
2.95
2.40
2.37
2.42
2.36
2.27
2.28
-
3.20
3.15
3.04
2.79
2.50
2.45
2.40
2.35
2.34
-
3.56
3.38
3.22
3.00
2.93
2.75
2.63
2.80
2.76
2.62
2.75
2.75
3.75
3.68
3.60
3.51
3.10
3.09
3.00
3.00
-
4.81
4.58
4.53
4.48
4.36
4.21
4.09
4.01
3.95
4.00
4.00
4.04
5.22
5.21
5.20
5.17
5.07
4.97
4.95
4.91
4.89
4.89
4.89
5.86
5.82
5.82
5.8
5.77
5.69
5.59
5.57
5.55
5.52
5.51
5.51
6.10
6.07
6.08
6.08
6.08
6.10
XI-9 - Interest rates offered on negotiable instruments of indebtedness
2003
2004
10 days ............................................................
More than 10 days to less than 3 months ........
-
-
3 months to less than 6 months .......................
-
-
6 months to less than 12 months .....................
12 months to less than 18 months ...................
18 months to less than 2 years ........................
2 years to less than 3 years ..............................
5.00
5.50
-
-
-
3.85
4.32 to 5.75
4.60
7 years .............................................................
5.80
-
More than 2 years to less than 3 years ............
4.15 to 5.35
3.80 to 5.55
4.50 to 7.50
5.50 to 5.60
3.65 to 7.00
5.30 to 6.03
7 years .............................................................
-
-
Certificates of deposit
Financing companies bonds
Commercial paper
10 days ..........................................
-
2.70 to 3.20
More than 10 days to less than 3 months ........
3.40 to 3.60
2.70 to 3.70
3 months to less than 6 months .......................
3.55 to 5.30
2.70 to 3.95
6 months to less than 1 year ............................
5.00
3.10 to 3.55
1 year ...............................................................
-
3.30 to 3.45
XI-10 - Interest rates of notes and bonds issued
on the bond market
Notes and bonds term
2003
2004
- 3 years ....................................................
-
5.15
- 5 years ...................................................
4.50 - 5.90
4.60 - 5.54
- 7 years ....................................................
-
5.46
- 8 years ...................................................
-
-
- 10 years ....................................................
-
- 15 years ....................................................
(1) Government guaranteed issues.
6.10 - 6.20
(1)
(1)
5.32 - 6.95
XI-11 - Prime rates published by the principal banks
Banking prime rates
2003
2004
Export credits ................................
7.00
7.00
Short-term credits ..........................
7.25
7.25
..................
7.25
7.25
Long-term credits (1)......................
8.25
8.25
(1)
Medium-term credits
(1) In April 2002, one of the banks located in the financial centre lowered its rate on medium-term loans to 7.25%
and that on long-term loans to 8.25%.
XI-12 - Lending interest rates
2004
1st quarter
2nd quarter
3rd quarter
4th quarter
Minimum Maximum Minimum Maximum Minimum Maximum Minimum
Maximum
Export credits ................................
7.00
10.00
7.00
10.00
7.00
10.00
7.00
10.00
Other short-term credits .................
7.00
11.50
7.00
11.50
7.00
11.50
7.00
11.50
Medium-term credits (PME/PMI) .
7.00
11.00
7.00
11.00
7.00
11.00
7.00
11.00
Other medium - terme credits...........
7.25
12.00
7.25
12.00
7.00
12.00
7.25
12.00
Long-term credits ..........................
7.50
12.50
7.50
12.50
8.00
12.50
7.50
12.50
XI -13 - Maximum agreed interest rate
of credit institutions
Periods
Rates
Oct.2002 March 2003
April Sept.2003
Oct.2003 March 2004
April Sept. 2004
Oct. 2004 March 2005
April Sept. 2005
Weighted average rate of banks ....
8.60
8.48
8.08
8.09
7.88
7.83
Weighted average rate
of financing companies ................
13.23
12.89
12.76
12.72
12.35
12.10
Weighted average rate of the
whole of credit institutions ...........
9.19
9.13
8.76
8.72
8.48
8.38
14.70
14.61
14.02
13.95
13.57
13.41
Maximum interest
rate agreed
(1)
...............................
(1) Weighted average rate of credit institutions multiplied by 1.60 since October 1999.
XII-1 - The monetary aggregates
Components
Amounts
Annual changes
Amounts
%
Currency outside banks................ 74 890
5 334
7.7
Sight deposits............................... 176 247
16 725
Aggregate M 1 .................... 251 137
Amounts
Annual changes
Amounts
%
79 439
4 549
6.1
10.5
196 056
19 809
11.2
22 059
9.6
275 495
24 358
9.7
47 843
4 746
11.0
52 918
5 075
10.6
Aggregate M 2 .................... 298 980
26 805
9.8
328 413
29 433
9.8
87 360
4 023
4.8
87 741
381
0.4
Aggregate M 3 .................... 386 340
30 828
8.7
416 154
29 814
7.7
Sight investments (M 2 - M 1) ....
Time investments (M 3 - M 2) ....
XII-2 - Liquid investment aggregates
Components
Amounts
Annual changes
Amounts
%
8 093
- 746
- 8.4
Aggregate LI 2 ........................... 26 423
-3 273
Aggregate LI 1 ...........................
Aggregate LI 3 ...........................
1 752
Total liquid investment
aggregates ................................. 36 268
Amounts
Annual changes
Amounts
%
8 532
439
5.4
- 11.0
33 717
7 294
27.6
505
40.5
2 408
656
37.4
- 3 514
- 8.8
44 657
8 389
23.1
MONETARY AGGREGATES
(outstanding amounts at the end of month)
Year 2004
M1
M2-M1
M3-M2
450
400
350
300
250
200
150
100
50
0
Dec.2003
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
XII-3 - Aggregate M 1 and its components
Components
2003
Dec.
2004
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Currency outside banks.... 74 890 79 620 76 578 75 429 76 141 75 091 75 829 80 114 81 448 79 420 79 470 78 959 79 439
Sight deposits................... 176 247 168 066 173 187 177 823 175 990 180 847 185 590 187 241 188 038 191 564 189 629 191 595 196 056
Aggregate M 1 .............. 251 137 247 686 249 765 253 252 252 131 255 938 261 419 267 355 269 486 270 984 269 099 270 554 275 495
XII-4 - Currency outside banks
Components
2003
Dec.
2004
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Notes ............................... 77 019 81 840 78 468 77 502 78 004 77 284 77 982 82 257 84 317 81 671 81 562 81 580 81 707
Coin ................................. 1 486
1 493
1 494
1 492
1 502
1 507
1 520
1 528
1 555
1 571
1 581
1 614
1 582
Sub-total.......................... 78 505 83 333 79 962 78 994 79 506 78 791 79 502 83 785 85 872 83 242 83 143 83 194 83 289
Less :
Cash in hand of banks
and public accountants ... 3 615
3 713
3 384
3 565
3 365
3 700
3 673
3 671
4 424
3 822
3 673
4 235
3 850
Total of currency
outside banks................ 74 890 79 620 76 578 75 429 76 141 75 091 75 829 80 114 81 448 79 420 79 470 78 959 79 439
XII-5 - Sight deposits
Components
2003
Dec.
2004
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Sight deposits
Sight deposits with the
Central bank ...................... 1 194 1 106 2 092 1 903 1 931 1 922 2 305 1 840 1 857 1 689 1 620 1 514 1 664
Sight deposits with banks .. 166 454 158 335 162 437 167 354 165 565 170 346 174 698 176 884 177 637 181 414 179 413 181 505 185 783
Sight deposits with the
banking system.................. 167 648 159 441 164 529 169 257 167 496 172 268 177 003 178 724 179 494 183 103 181 033 183 019 187 447
Sight deposits with Postal
giro service ........................
Sight deposits with
the Treasury .......................
Total of sight deposits
with Postal cheque
service
and Treasury ...................
2 913
2 939
2 972
2 880
2 808
2 893
2 901
2 831
2 858
2 775
2 910
2 890
2 923
5 686
5 686
5 686
5 686
5 686
5 686
5 686
5 686
5 686
5 686
5 686
5 686
5 686
8 599
8 625
8 658
8 566
8 494
8 579
8 587
8 517
8 544
8 461
8 596
8 576
8 609
Total sight deposits......... 176 247 168 066 173 187 177 823 175 990 180 847 185 590 187 241 188 038 191 564 189 629 191 595 196 056
XII-6 - Sight deposits with banks
Components
2003
Dec.
2004
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Cheque accounts………… 109 515 109 087 111 278 111 881 113 154 113 894 116 618 119 481 120 997 120 362 121 212 122 007 123 594
Of which : Moroccans
living abroad..... (40 252) (40 564) (41 269) (41 267) (42 030) (42 559) (43 800) (45 739) (45 258) (44 604) (45 071) (45 086) (45 730)
Current accounts ................ 46 039 39 811 40 860 43 139 41 801 44 095 46 359 44 474 45 990 46 653 46 888 46 979 49 823
Other accounts ................... 10 900
9 437 10 299 12 334 10 610 12 357 11 721 12 929 10 650 14 399 11 313 12 519 12 366
Total........................... 166 454 158 335 162 437 167 354 165 565 170 346 174 698 176 884 177 637 181 414 179 413 181 505 185 783
XII-7 - Aggregate M 2 and Aggregate M 3
2003
Components
Dec.
Jan.
Feb.
Aggregate M 1 ............................ 251 137 247 686 249 765
Sight investments (M2 - M1) .... 47 843 48 409 49 226
Deposit books with banks.......... 39 647 40 173 40 834
Savings books with the
National Savings Fund .............. 8 196 8 236 8 392
March
253 252
49 948
41 257
8 691
2004
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
252 131 255 938 261 419 267 355 269 486 270 984 269 099 270 554 275 495
50 425 50 674 50 372 50 760 51 271 51 806 52 357 52 544 52 918
41 646 41 832 41 471 41 815 42 248 42 686 43 146 43 298 43 569
8 779
8 842
8 901
8 945
9 023
9 120
9 211
9 246
9 349
Aggregate M 2 ............................ 298 980 296 095 298 991 303 200 302 556 306 612 311 791 318 115 320 757 322 790 321 456 323 098 328 413
Time investments (M3 - M2) .... 87 360 87 617 87 176 86 308 84 000 84 453 82 463 81 768 81 517 81 097 83 059 84 112 87 741
Certificates of deposit (1)............
215
215
215
215
215
215
215
214
14
14
14
99
99
Time accounts and fixedterm bills .................................. 87 145 87 402 86 961 86 093 83 785 84 238 82 248 81 554 81 503 81 083 83 045 84 013 87 642
Of which : Moroccans
living abroad .......... (37 417) (37 734) (37 889) (36 923) (36 376) (36 507) (35 941) (34 954) (34 660) (35 389) (35 430) (35 924) (36 009)
Aggregate M 3 ............................ 386 340 383 712 386 167 389 508 386 556 391 065 394 254 399 883 402 274 403 887 404 515 407 210 416 154
(1) Subscriptions of individuals and non-financial enterprises.
XII-8 - Liquid investment aggregates
(1)
Components
2003
Dec.
Aggregate LI 1
Six-month Treasury bills ............ 2 998
Negotiable Treasury bills (2) ....... 4 374
Commercial papers ....................
Bills issued by the financing
companies ..................................
721
Jan.
Feb.
March
April
May
2004
June
2 901
3 324
-
2 805
5 426
-
2 748
5 555
-
2 789
4 068
-
2 699
2 185
-
2 930
2 141
-
2 930
2 169
-
2 930
3 053
-
2 930
3 235
-
2 930
2 663
-
2 930
5 047
-
2 930
4 883
-
710
712
720
723
723
723
737
729
727
720
730
719
July
Aug.
Sept.
Oct.
Nov.
Dec.
Total ............................................ 8 093 6 935 8 943 9 023 7 580 5 607 5 794 5 836 6 712 6 892 6 313 8 707 8 532
Aggregate LI 2
Securities issued by bond
Undertakings for Collective
Investment in Transferable
Securities (UCITS) ..................... 26 423 30 341 30 918 32 827 34 976 35 889 34 615 34 955 36 234 37 443 35 963 36 965 33 717
Total ............................................ 26 423 30 341 30 918 32 827 34 976 35 889 34 615 34 955 36 234 37 443 35 963 36 965 33 717
Aggregate LI 3
Securities issued by
diversified UCITS
and share UCITS ........................ 1 752 1 956 2 225 2 353 2 426 2 345 2 392 2 435 2 506 2 564 2 113 2 189 2 408
Total ............................................ 1 752
1 956
2 225
2 353
2 426
2 345
2 392
2 435
2 506
2 564
2 113
2 189
2 408
Total LI .................................... 36 268 39 232 42 086 44 203 44 982 43 841 42 801 43 226 45 452 46 899 44 389 47 861 44 657
(1) Subscriptions of individuals and non-financial enterprises.
(2) Outstanding amounts of government loans, bonds and Treasury bills issued by tender.
LIQUID INVESTMENT AGGREGATES
Year 2004
50
LI1
LI2
LI3
45
40
35
30
25
20
15
10
5
0
Dec.2003
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
XII-9 - Counterparts of aggregate M 3
Components
Amounts
Annual changes
Amounts
Annual changes
Amounts
%
Net foreign assets (1)
. Bank Al-Maghrib............................. 122 351
. Banks................................................ 5 110
17 861
-1 180
17.1
-18.8
135 731
9 040
13 380
3 930
10.9
76.9
Total (I) .......................... 127 461
16 681
15.1
144 771
17 310
13.6
A. Claims on government (1)
. Net claims of the Bank Al-Maghrib . - 7 185
. Claims of banks ................................ 77 123
. Claims of individuals and
non-financial enterprises (2)..............
8 599
-2 601
200
56.7
0.3
-8 254
72 033
-1 069
-5 090
14.9
-6.6
241
2.9
8 609
10
0.1
Sub-total ...................
Amounts
%
78 537
-2 160
-2.7
72 388
-6 149
-7.8
B. Claims on the private sector (1)
. Bank Al-Maghrib............................. 11 477
. Banks (3)............................................ 234 531
1 730
18 057
17.7
8.3
11 236
251 441
- 241
16 910
-2.1
7.2
Sub-total ................... 246 008
19 787
8.7
262 677
16 669
6.8
8 196
884
12.1
9 349
1 153
14.1
Total (A+B+C)................................... 332 741
18 511
5.9
344 414
11 673
3.5
C. Counterpart of savings
books with the National
Savings Fund (4)...............................
Less :
Banking system's non
monetary resources (5) (6) ................. 58 774
Domestic credit of a
monetary nature (II) ......................... 273 967
-1 237
-2.1
57 538
-1 236
-2.1
19 748
7.8
286 876
12 909
4.7
Total counterparts (I+II) .................. 401 428
36 429
10.0
431 647
30 219
7.5
Balancing items (7)............................... - 15 088
- 5 601
-15 493
- 405
Aggregate M 3 ................................... 386 340
30 828
416 154
29 814
8.7
7.7
(1) See details on the components of net foreign assets, claims on government and claims on the private
sector, in Appendices XII-11, XII-12 and XII-13 respectively.
(2) Counterpart of deposits with the Treasury and the Postal cheque Service, recorded as sight deposits.
(3) Including lending to public institutions.
(4) The resources collected by the National Savings Fund are deposited with the Deposit and Management
Fund. They cannot be broken down according to claims on government and claims on the private sector.
(5) Domestic and external loans contracted by the banks (see banks’ liabilities in Appendix XIV-1).
(6) Amount by which the equity base (capital and reserves) exceeds the total of fixed assets and the portfolio
of shareholdings.
(7) Amount by which the other liability items of the banking system exceed the other items of its assets.
COUNTERPARTS OF M3 (*)
Year 2004
Net foreign assets
Claims on Government
Savings books with the National
Savings Fund
500
450
400
350
300
250
200
150
100
50
0
Dec.2003
Jan.
Feb.
March
(*) Including non monetary resources financing
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
XII-10 - Monthly development of the counterparts of M 3
Components
2003
Dec.
2004
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
(1)
Net foreign assets
. Bank Al-Maghrib..................... 122 351 121 921 123 874 125 398 124 687 126 132 126 361 127 464 134 078 133 333 131 764 129 929 135 731
. Banks ......................................
5 110
5 675
6 551
5 125
6 135
8 784
6 826
6 248
5 058
5 649
8 645
9 985
9 040
Total (I)....................... 127 461 127 596 130 425 130 523 130 822 134 916 133 187 133 712 139 136 138 982 140 409 139 914 144 771
A. Claims on government (1)
. Net claims of the Bank
Al-Maghrib ............................. -7 185 -7 567 -10 396 -9 025 -11 605 -11 773 -10 628 -7 933 -12 029 -8 872 -8 833 -5 297 -8 254
. Claims of banks ...................... 77 123 78 342 78 924 78 947 74 751 78 243 74 890 72 738 73 363 72 084 70 573 72 014 72 033
. Claims of individuals and
non-financial enterprises (2) ... 8 599 8 625 8 658 8 566 8 494 8 579 8 587 8 517 8 544 8 461 8 596 8 576 8 609
Sub-total ................................ 78 537 79 400 77 186 78 488 71 640 75 049 72 849 73 322 69 878 71 673 70 336 75 293 72 388
B. Claims on the private
sector (1)
. Bank Al- Maghrib ................... 11 477 11 477 11 477 11 477 11 177 11 177 11 177 11 177 11 177 11 177 11 177 11 177 11 236
. Banks (3)................................... 234 531 233 428 235 038 235 078 237 768 238 237 243 238 246 238 245 996 247 077 248 412 248 269 251 441
Sub-total ................................ 246 008 244 905 246 515 246 555 248 945 249 414 254 415 257 415 257 173 258 254 259 589 259 446 262 677
C. Counterpart of savings
books with the National
Savings Fund (4)..................... 8 196 8 236 8 392 8 691 8 779 8 842 8 901 8 945 9 023 9 120 9 211 9 246 9 349
Total (A+B+C) ......................... 332 741
Less :
Banking system's non
monetary resources .................. 58 774
Banks' borrowing (5) ................ 20 768
Provisions constituted
by the banks............................... 29 235
Bank Al-Maghrib and banks'
net capital and reserves (6) ...... 8 771
332 541 332 093 333 734 329 364 333 305 336 165 339 682 336 074 339 047 339 136 343 985 344 414
60 807 59 952 59 874 60 072 62 849 63 387 61 856 60 496 56 912 57 127 59 796 57 538
22 141 19 915 19 225 18 702 20 990 20 216 19 633 19 564 16 861 17 272 19 386 15 894
29 598 30 872 33 073 33 386 33 498 35 332 34 521 34 262 33 815 33 643 33 497 33 572
9 068
9 165
7 576
7 984
8 361
7 839
7 702
6 670
6 236
6 212
6 913
8 072
Domestic credit of a
Monetary nature (II)............... 273 967 271 734 272 141 273 860 269 292 270 456 272 778 277 826 275 578 282 135 282 009 284 189 286 876
Total counterparts (I+II) .........401 428 399 330 402 566 404 383 400 114 405 372 405 965 411 538 414 714 421 117 422 418 424 103 431 647
Balancing items (net) (7) ............ -15 088 -15 618 -16 399 -14 875 -13 558 -14 307 -11 711 -11 655 -12 440 -17 230 -17 903 -16 893 -15 493
Aggregate M 3 ......................... 386 340 383 712 386 167 389 508 386 556 391 065 394 254 399 883 402 274 403 887 404 515 407 210 416 154
(1) See details on the components of net foreign assets, claims on government and claims on the private sector, in Appendices XII-11, XII-12
and XII-13 respectively.
(2) Counterpart of deposits with the Treasury and the Postal cheque Service, recorded as sight deposits.
(3) Including lending to public institutions.
(4) The resources collected by the National Savings Fund are deposited with the Deposit and Management Fund. They cannot be broken down
according to claims on government and claims on the private sector.
(5) Domestic and external loans contracted by the banks (see banks’ liabilities in Appendix XIV-1).
(6) Amount by which the equity base (capital and reserves) exceeds the total of fixed assets and the portfolio of shareholdings.
(7) Amount by which the other liability items of the banking system exceed the other items of its assets.
XII-11 - Net foreign assets
Components
2003
Dec.
2004
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
A. Gross foreign assets of
the Bank Al-Maghrib
. Gold........................................... 1 960 1 960 1 960 1 960 1 960 1 960 1 960 1 960 1 960 1 960 1 960 1 960 1 960
. Convertible foreign
currencies ................................ 119 029 118 631 120 540 122 175 121 499 123 043 123 510 124 590 131 185 130 546 128 962 127 192 133 013
983
991
994 1 004
931
928
931
932
874
860 1 007
998
988
. Special drawing rights ..............
. Subscription to the IMF
- I.M.F. reserve tranche .............. 1294
1294
1294
1294
1294
1294
1294
1294
1294
1294
1294
1294
1294
. Subscription to the Arab
Monetary Fund ........................
268
270
271
274
273
272
273
273
273
269
269
266
263
. Inconvertible foreign
currencies.................................
Sub-total ....................... 123 534 123 146 125 059 126 707 125 957 127 497 127 968 129 049 135 586 134 929 133 492 131 710 137 518
B. Foreign liabilities of
the Bank Al-Maghrib
. Credit from international
200
organizations ...........................
983
. Other liabilities..........................
Sub-total ....................... 1 183
201
1 024
1 225
198
987
1 185
199
1 110
1 309
199
1 071
1 270
200
1 165
1 365
200
1 407
1 607
195
1 390
1 585
195
1 313
1 508
195
1 401
1 596
191
1 537
1 728
191
1 590
1 781
192
1 595
1 787
I. Total net foreign assets of
the Bank Al-Maghrib (A-B) ....122 351 121 921 123 874 125 398 124 687 126 132 126 361 127 464 134 078 133 333 131 764 129 929 135 731
C. Gross foreign assets
of banks (1) ............................. 8 713
9 721
11 247
9 172
11 045 12 368 10 983 10 392
8 706
9 874
12 139 13 557 12 392
D. External liabilities
of banks (2).............................. 3 608
4 046
4 696
4 047
4 910
3 584
4 157
4 144
3 648
4 225
3 494
3 572
3 352
II. Total net foreign assets
of banks (C-D) .......................
5 675
6 551
5 125
6 135
8 784
6 826
6 248
5 058
5 649
8 645
9 985
9 040
5 110
Total net foreign
assets (I+II)...............................127 461 127 596 130 425 130 523 130 822 134 916 133 187 133 712 139 136 138 982 140 409 139 914 144 771
(1) The foreign exchange balances of banks and their foreign exchange deposits with their correspondents outside Morocco are recorded under
this item. The foreign exchange deposits of banks with Bank Al-Maghrib, which represent claims on a resident institution, are not included
in their foreign assets.
(2) These consist mainly of the creditor balances of foreign correspondents with the banks and the sight and time deposits of non-residents.
XII-12 - Claims on government
Components
2003
Dec.
Claims of Bank Al-Maghrib
. Advances to the
government (1)........................... 5 500
. Customs drafts and surety
bonds .....................................
. Cheques held in discount ......... 1 116
. Central Bank's deposits with
the Postal cheque service ........
-
2004
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
5 500
5 500
5 500
5 500
5 500
5 500
5 500
5 500
5 500
5 500
5 500
5 500
810
559
1 813
611
1 030
903
417
753
875
1 259
389
1 123
769
961
-
-
-
-
-
-
-
-
-
-
-
-
6 310
6 059
7 313
6 111
6 530
6 403
6 670
6 375
6 759
5 889
6 623
7 230
Less :
Assets held by public
accountants (2) ......................... 13 801 13 877 16 455 16 338 17 716
18 303
Gross total ....................
6 616
Net total .................. -7 185
17 031 14 603 18 404 15 631 14 722 11 920 15 484
-7 567 -10 396 -9 025 -11 605 -11 773 -10 628 -7 933 -12 029 -8 872 - 8 833 - 5 297 - 8 254
Treasury bills purchased
on the secondary market .......
Sub-total (I) .................. -7 185 -7 567 - 10 396 - 9 025 - 11 605 - 11 773 - 10 628 -7 933 -12 029 -8 872 - 8 833 - 5 297 - 8 254
Claims of banks
Portfolio of public securities ...... 76 466 77 755 76 424 76 083 71 692 74 969 71 686 69 404 72 517 71 828 70 291 71 733 71 770
Banks' deposits with Treasury
and Postal cheque service ..........
657
3 059
3 274
Sub-total (II) ................. 77 123 78 342 78 924 78 947 74 751
78 243
Claims of individuals and
non-financial enterprises
Counterpart of deposits
with Postal cheque service
and Treasury ............................. 8 599
587
2 500
2 864
3 204
3 334
846
256
282
281
263
74 890 72 738 73 363 72 084 70 573 72 014 72 033
8 625
8 658
8 566
8 494
8 579
8 587
8 517
8 544
8 461
8 596
8 576
8 609
8 625
8 658
8 566
8 494
8 579
8 587
8 517
8 544
8 461
8 596
8 576
8 609
Total claims on
government (I+II+III) ............... 78 537 79 400 77 186 78 488 71 640
75 049
Sub-total (III) ................
8 599
72 849 73 322 69 878 71 673 70 336 75 293 72 388
(1) Agreed advances and cash facilities.
(2) Notes and coin held by public accountants and Treasury's creditor account and Hassan II Fund for economic and social development with
the Bank Al-Maghrib levelled at one million dirhams.
XII-13 - Claims on the private sector
(1)
Components
2003
Dec.
A. Lending to enterprises
and individuals (2) ................. 214 968
Debtor accounts and
overdraft facilities .................... 68 848
Equipment credit ..................... 47 789
Real estate loans ...................... 39 472
Consumer credit ....................... 9 492
Miscellaneous .......................... 6 143
Pending claims (3) ................... 43 224
2004
Jan.
Feb.
March
April
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
213 726 215 395 214 751 217 208 217 908 221 901 224 641 223 332 224 415 225 652 224 959 227 523
68 594
46 631
39 104
9 332
4 600
45 465
68 816
46 774
39 503
9 100
4 514
46 688
67 016
46 327
40 065
9 366
3 681
48 296
67 987
45 992
40 954
9 366
4 378
48 531
67 425
46 695
41 541
9 479
4 299
48 469
70 374
46 419
42 251
9 605
4 564
48 688
71 472
46 270
42 836
9 845
6 208
48 010
70 493
45 981
43 376
9 914
5 016
48 552
71 193
46 749
44 081
9 903
4 298
48 191
71 825
45 974
44 880
9 978
4 506
48 489
71 168
45 735
45 300
9 890
4 078
48 788
71 107
47 270
45 571
9 861
5 644
48 070
B. Lending to financing
companies ............................. 17 191 17 435 17 414 17 633 17 829 17 640 18 653 19 014 19 746 19 924 20 177 20 622 20 897
Credit ....................................... 16 302 16 496 16 470 16 669 16 866 16 708 17 758 17 946 18 699 18 850 19 093 19 512 19 767
Financing companies
889
939
944
964
963
932
895
1 068 1 047 1 074 1 084 1 110 1 130
securities held by banks ...........
C. Banks' portfolio of
investment securities (4) ......
2 372
2 267
2 229
2 694
2 731
2 689
2 684
2 583
2 918
2 738
2 583
2 688
3 021
I. Total banks' claims on
the private sector (A+B+C).. 234 531 233 428 235 038 235 078 237 768 238 237 243 238 246 238 245 996 247 077 248 412 248 269 251 441
II. Bank Al-Maghrib's claims
on the private sector ............ 11 477 11 477 11 477 11 477 11 177 11 177 11 177 11 177 11 177 11 177 11 177 11 177 11 236
Total (I+II) .....................246 008 244 905 246 515 246 555 248 945 249 414 254 415 257 415 257 173 258 254 259 589 259 446 262 677
(1) The classification of lending to the private sector is derived from the banks’ new accounting statement which was introduced in January 2000,
the date of entry into force of the new accounting plan for banks.
(2) Including lending to the public institutions.
(3) Pre-doubtful claims, doubtful claims and compromised claims.
(4) Non-banking enterprises securities subscribed for by banks.
XII-14 - Monetary and liquid investment aggregates
1982 - 2004
Aggregate M 3
Outstanding
Aggregate M 2
amounts at
Aggregate M 1
Liquid investment aggregate
end-December
Currency
outside banks
Sight
deposits
Total
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
12 023
13 635
14 770
16 194
18 694
20 003
21 913
24 814
29 543
34 269
35 744
37 202
41 021
43 154
46 447
48 662
50 644
56 713
58 169
66 025
69 556
74 890
79 439
17 584
20 345
22 305
26 570
31 361
34 718
40 335
44 460
53 115
60 352
64 939
68 576
76 163
81 329
84 346
92 198
99 628
110 815
123 094
144 087
159 522
176 247
196 056
29 607
33 980
37 075
42 764
50 055
54 721
62 248
69 274
82 658
94 621
100 683
105 778
117 184
124 483
130 793
140 860
150 272
167 528
181 263
210 112
229 078
251 137
275 495
Sight
M2=
investments M 1 + sight
(1)
investments
1 735
31 342
2 259
36 239
2 744
39 819
3 136
45 900
4 160
54 215
5 891
60 612
7 573
69 821
9 317
78 591
11 491
94 149
14 051
108 672
14 913
115 596
15 959
121 737
18 685
135 869
21 279
145 762
23 466
154 259
25 983
166 843
29 523
179 795
33 069
200 597
35 240
216 503
39 581
249 693
43 097
272 175
47 843
298 980
52 918
328 413
M3=
Time
investments M 2 + time
investments
(2)
7 654
10 227
11 373
14 416
15 851
16 485
18 867
21 441
24 883
31 190
37 467
43 986
47 464
52 494
57 283
64 121
65 114
69 389
76 281
84 294
83 337
87 360
87 741
38 996
46 466
51 192
60 316
70 066
77 097
88 688
100 032
119 032
139 862
153 063
165 723
183 333
198 256
211 542
230 964
244 909
269 986
292 784
333 987
355 512
386 340
416 154
LI 1
(3)
LI2
(4)
336
351
359
2 641
6 229
9 612
10 308
13 485
15 739
14 504
15 564
16 837
21 849
22 910
23 158
19 821
18 488
15 298
11 420
13 906
8 839
8 093
8 532
220
2 708
9 154
18 630
12 722
17 111
29 696
26 423
33 717
LI 3
(5)
8
1 696
3 057
6 590
5 423
3 214
1 936
1 247
1 752
2 408
(1) Deposit books with banks and savings books with the National Savings Fund.
(2) Time accounts and fixed-term bills with banks and certificates of deposit
(3) Six-month over-the-counter Treasury bills and negotiable debt securities (Treasury bills, bills of the financing companies and commercial papers
subscribed for by individuals and non-financial enterprises.
(4) Securities issued by bond UCITS (since 1995) and subscribed for by individuals and non-financial enterprises
(5) Securities issued by diversified and share UCITS (since 1995) and subscribed for by individuals and non-financial enterprises
TOTAL
336
351
359
2 641
6 229
9 612
10 308
13 485
15 739
14 504
15 564
16 837
21 849
22 918
25 074
25 586
34 232
39 351
27 356
32 953
39 782
36 268
44 657
XII-15 - Counterparts of M 3
1982 - 2004
Domestic credit of a monetary nature
Net foreign assets
Outstanding
amounts at
endDecember Bank Al- Banks
Maghrib
Total
(I)
Claims on government
Individuals
and nonTotal
Bank Al- Banks financial
(A)
Maghrib
enterprises
(1)
8 336
Less :
Bank AlMaghrib
Banks
Total
(B)
Total
Counterpart
Banking
of assets with Total
system's
Total
National (A+B+C)
non
(II)
Savings Fund
monetary
(C) (2)
resources
counterparts
of M 3
Balancing
(I+II)
items (3)
1982
743
48
791
9 185
1 844
19 365
682
26 406
27 088
552
47 005
7 324
39 681
40 472
- 1 476
1983
- 56
35
- 21
10 924 12 423
1 715
25 062
1 034
30 169
31 203
626
56 891
9 094
47 797
47 776
- 1 310
1984
300
70
370
10 857 13 107
1 926
25 890
1 675
34 557
36 232
719
62 841
10 523
52 318
52 688
- 1 496
1985
972
137
1 109
10 048 17 888
2 028
29 964
3 079
39 311
42 390
780
73 134
12 219
60 915
62 024
- 1 708
1986
1 705
- 18
1 687
9 558 25 138
2 301
36 997
5 184
43 184
48 368
897
86 262
15 285
70 977
72 664
- 2 598
1987
2 985
228
3 213
8 799 28 277
2 925
40 001
5 835
46 588
52 423
1 053
93 477
17 750
75 727
78 940
- 1 843
1988
4 292
254
4 546
10 078 32 690
4 347
47 115
6 033
52 411
58 444
1 236
106 795
21 011
85 784
90 330
- 1 642
1989
3 951
137
4 088
10 614 37 701
4 988
53 303
6 699
59 418
66 117
1 428
120 848
22 703
98 145
102 233
- 2 201
1990
16 600
612
17 212
11 517 34 575
5 208
51 300
6 814
71 000
77 814
1 663
130 777
27 483
103 294
120 506
- 1 474
1991
24 435
637
25 072
12 116 35 346
6 274
53 736
6 845
87 850
94 695
1 917
150 348
32 144
118 204
143 276
- 3 414
1992
31 504
590
32 094
9 924 41 427
6 151
57 502
7 001
99 079
106 080
2 150
165 732
40 301
125 431
157 525
- 4 462
1993
36 900
735
37 635
9 936 46 295
6 532
62 763
7 045
104 747
111 792
2 342
176 897
45 480
131 417
169 052
- 3 329
1994
40 753
299
41 052
8 185 54 747
6 783
69 715
7 307
114 796
122 103
2 754
194 572
48 072
146 500
187 552
- 4 219
1995
32 348
426
32 774
18 490 52 908
6 789
78 187
7 619
128 982
136 601
3 292
218 080
49 854
168 226
201 000
- 2 744
1996
35 214
166
35 380
18 758 54 847
8 032
81 637
7 386
142 056
149 442
3 866
234 945
54 172
180 773
216 153
- 4 611
1997
40 355
294
40 649
19 680 58 616
8 073
86 369
7 395
152 029
159 424
4 553
250 346
53 144
197 202
237 851
- 6 887
1998
42 710
316
43 026
19 244 58 614
6 652
84 510
7 390
168 495
175 885
5 330
265 725
54 721
211 004
254 030
- 9 121
1999
58 884
207
59 091
13 405 54 917
7 711
76 033
7 192
185 905
193 097
5 721
274 851
58 611
216 240
275 331
- 5 345
2000
52 651
2 034
54 685
16 033 61 729
8 172
85 934
7 471
200 553
208 024
6 208
300 166
58 534
241 632
296 317
- 3 533
2001
99 264
2 685 101 949
- 3 117 73 161
8 285
78 329
8 304
208 647
216 951
6 576
301 856
60 875
240 981
342 930
- 8 943
2002
104 490
6 290 110 780
- 4 584 76 923
8 358
80 697
9 747
216 474
226 221
7 312
314 230
60 011
254 219
364 999
- 9 487
2003
122 351
5 110 127 461
- 7 185 77 123
8 599
78 537
11 477
234 531
246 008
8 196
332 741
58 774
273 967
401 428
- 15 088
2004
135 731
9 040 144 771
- 8 254 72 033
8 609
72 388
11 236
251 441
262 677
9 349
344 414
57 538
286 876
431 647
- 15 493
(1) Counterpart of deposits with the Treasury and the Postal cheque service, recorded as sight deposits.
(2) The resources collected by the National Savings Fund are deposited with the Deposit and Management Fund (CDG). These resources cannot be split up into claims on government
and claims on the private sector.
(3) Amount by which the other liabilities of the banking system exceed the other items of its assets.
XIII-1 - Cash movement at Bank Al-Maghrib's cash desks
2002
2003
2004
Inflows
Outflows
Inflows
Outflows
Inflows
Outflows
January ....................
7 127
5 706
6 180
6 323
5 182
10 011
February ..................
4 230
7 017
5 502
6 593
7 550
4 179
March ......................
6 529
4 198
5 913
5 238
7 246
6 279
April ........................
5 542
5 429
6 161
6 254
6 612
7 124
May .........................
5 646
5 794
5 886
5 626
6 507
5 793
June .........................
4 550
4 932
5 193
6 127
6 025
6 736
July ..........................
4 577
8 819
5 443
9 710
5 487
9 771
August .....................
5 597
7 501
6 040
8 112
7 023
9 112
September ................
6 790
5 009
7 961
5 478
8 667
6 037
October ....................
6 667
6 126
7 209
6 853
6 778
6 679
November ................
5 223
5 276
4 462
5 220
6 614
6 665
December ................
6 266
6 521
7 418
7 075
7 425
7 763
Total ......................
68 744
72 328
73 368
78 609
81 116
86 149
XIII-2 - Exchanges at the clearing houses and at the Moroccan
Interbank Remote Clearing System (SIMT)
Number of operations
Amounts
(in thousands)
Rate of rejection
(in %)
2004
Bills
Cheques
Total
Bills
Cheques
Transfers
Total
Bills
Cheques
January ..................
107
1 788
1 895
5 496
40 073
42 157
87 726
22.2
2.3
February ................
102
1 513
1 615
5 732
32 180
46 431
84 343
22.1
2.3
March ....................
136
1 976
2 112
7 759
42 902
40 312
90 973
23.3
2.3
April ......................
120
1 863
1 983
6 581
43 110
39 531
89 222
21.3
2.1
May .......................
111
1 809
1 920
6 521
40 598
37 010
84 129
22.2
2.1
June .......................
116
1 904
2 020
6 679
43 397
41 533
91 609
21.2
2.2
July ........................
107
1 805
1 912
5 849
44 855
39 884
90 588
21.7
2.3
August ...................
122
1 664
1 786
7 809
43 917
48 200
99 926
20.2
2.3
September ..............
182
1 821
2 003
7 166
45 325
41 776
94 267
15.4
2.1
October ..................
146
1 784
1 930
6 160
41 183
40 910
88 253
18.4
2.2
November ..............
124
1 726
1 850
7 736
39 834
42 628
90 198
23.3
2.1
December ..............
138
2 020
2 158
7 501
51 963
66 432
125 896
19.9
2.1
Total .....................
1 511
21 673
23 184
80 989
509 337
526 804
1 117 130
20.6
2.2
XIV-1 - Assets and liabilities of all the banks
December
2002
December
2003
December
2004
ASSETS
Cash in hand and liquid balances .....................................................
Of which : Bank notes and cheques in foreign currency .................
Deposits in dirhams with the Bank Al-Maghrib ............
Deposits with the Treasury and the Postal
Cheque Service ..............................................................
29 777
(498)
(23 330)
40 448
(345)
(35 826)
49 207
(326)
(44 707)
(1 744)
(657)
(263)
Balances with banks and loans to banks ...........................................
3 776
3 495
3 114
Foreign correspondents and the like ................................................
8 532
8 368
12 066
Portfolio of Treasury bills .............................................................
Claims on the private sector (1)..........................................................
75 179
76 466
71 770
214 284
231 270
247 290
Portfolio of investment securities other than public securities..........
- Certificates of deposit held by banks ......................................
- Bills and bonds issued by the BNDE, the CIH,
the CNCA and the FEC subscribed for by banks ...................
- Financing companies bonds held by banks ............................
- Securities issued by non banking institutions ........................
11 167
1 447
10 964
295
12 213
267
7 530
665
1 525
7 408
889
2 372
7 795
1 130
3 021
Portfolio of equity investment and the like ......................................
13 413
14 902
15 905
Fixed assets ...........................................................................
11 384
11 532
12 575
Miscellaneous (net) ..........................................................................
-
-
-
TOTAL..................
367 512
397 445
424 140
147 919
98 105
(36 911)
39 936
9 878
35 785
82 528
3 532
166 454
109 515
(40 252)
46 039
10 900
39 647
87 145
2 204
185 783
123 594
(45 730)
49 823
12 366
43 569
87 642
1 191
(809)
527
11 422
(215)
881
12 633
(99)
595
12 506
3 836
2 213
8 240
11 659
1
24 468
32 730
2 652
1 558
2 722
6 702
10 814
0
29 235
32 482
4 968
1 470
2 757
5 431
8 168
3
33 572
33 923
7 530
367 512
397 445
424 140
LIABILITIES
Customers' sight accounts in dirhams ...............................................
. Cheque accounts ...........................................................................
(Moroccans living abroad cheque accounts) ................................
. Current accounts ...........................................................................
. Other deposits ...............................................................................
Deposit books ...................................................................................
Fixed-term accounts and notes .........................................................
Certificates of deposit .......................................................................
Of which : Subscriptions by non financial enterprises and
by individuals .............................................................
Non-residents' sight and fixed-term accounts in foreign currency ...
Inter-bank liabilities ..........................................................................
Net borrowing from financial institutions (2).....................................
Foreign correspondents and the like .................................................
Bond loans in dirhams ......................................................................
External long term borrowing ..........................................................
Recourse to the Bank Al-Maghrib ....................................................
Provisions .........................................................................................
Capital and reserves .........................................................................
Miscellaneous (net) ..........................................................................
TOTAL..................
(1) Including loans granted to financing companies and public institutions
(2) Including repurchase operations with UCITS.
XIV-2 - Assets and liabilities of consumer credit companies
December
2002
December
2003
December
2004
ASSETS
Fixed assets ..................................................
343
438
567
Credits ..........................................................
19 909
21 570
23 322
Miscellaneous debtors and
regularizing accounts .................................
476
434
501
Liquid balances ...........................................
361
321
757
Total .........................................
21 089
22 763
25 147
Capital, reserves and the like .....................
2 860
2 972
3 080
Provisions .....................................................
2 864
3 661
4 029
Financing debts ...........................................
9 958
11 130
11 785
Miscellaneous creditors and
regularizing accounts .................................
1007
1 324
1 726
Treasury accounts........................................
4 400
3 676
4 527
21 089
22 763
25 147
LIABILITIES
Total .........................................
XIV-3 - Assets and liabilities of leasing companies
December
2002
December
2003
December
2004
ASSETS
Fixed assets .........................................
60
82
87
Credits .................................................
12 496
13 750
15 454
Miscellaneous debtors and
regularizing accounts ........................
131
148
184
Liquid balances ..................................
227
88
87
Total ............................................
12 914
14 068
15 812
Capital, reserves and the like ............
1 267
1 216
1 269
Provisions ............................................
1 095
1 253
1 398
Financing debts ..................................
8 116
8 775
10 825
Miscellaneous creditors and
regularizing accounts ........................
1 003
1 245
1 075
Treasury accounts ..............................
1 433
1 579
1 245
12 914
14 068
15 812
LIABILITIES
Total ............................................
XV-1 - Interbank money market outstanding amounts of lending and borrowing
Outstanding amounts at the
end of month
2004
2003
Average
Jan.
Feb.
March
April
May
June
July
August
Sept.
Oct.
Nov.
Dec.
Average
Banks' loans .....................................
659
1 150
1 970
209
900
114
679
1 552
1 180
1 200
1 060
980
1 140
1 011
C D G loans ......................................
133
465
55
1
29
200
18
17
3
13
-
-
182
82
Financing companies' loans (1) .........
63
974
179
30
62
37
67
77
102
66
51
88
752
207
Total loans .......................................
855
2 589
2 204
240
991
351
764
1 646
1 285
1 279
1 111
1 068
2 074
1 300
Banks' borrowing .............................
676
1 703
1 318
230
662
318
164
1 487
1 283
1 251
1 100
775
1 382
973
C D G borrowing .............................
-
886
116
-
300
33
524
142
15
11
293
692
251
Financing companies' borrowing .....
179
-
770
10
29
-
76
17
3
13
-
-
-
76
Total borrowing ..............................
855
2 589
2 204
240
991
351
764
1 646
1 286
1 279
1 111
1 068
2 074
1 300
Interest rates
. Daily average.................................
. End of month .................................
3.22
3.05
2.81
3.09
2.74
2.69
2.29
2.25
2.28
2.27
2.26
2.25
2.36
2.32
2.31
2.39
2.39
2.30
2.27
2.25
2.29
2.29
2.43
2.30
2.32
2.27
2.39
2.39
(1) The Moroccan Guarantee and Credit Fund (CMM), Dar Addamane and the Central Guarantee Fund (CCG).
-
XV-2 - Subscriptions to Treasury bills by tender
2003
Maturities
Banks
CDG
Insurance
companies and
pension
institutions
2004
UCITS
Other
Total
Banks
CDG
Insurance
companies
and pension
institutions
UCITS
Other
Total
13 weeks ................................. 2 960
40
-
1 198
2 600
6 798
2 338
37
-
-
1
2 376
26 weeks ................................. 7 443
1 293
306
140
15
9 197
1 950
194
-
-
-
2 144
52 weeks ................................. 11 616
4 407
662
935
1
17 621
8 922
4 276
1 147
200
3 000
17 545
Total short-term (I) ............. 22 019
5 740
968
2 273
2 616
33 616
13 210
4 507
1 147
200
3 001
22 065
2 years ..................................
1 405
6 483
400
-
-
8 288
3 340
917
66
-
-
4 323
5 years ..................................
7 703
7 109
100
36
-
14 948
13 287
8 327
745
30
6
22 395
Total medium-term (II) ......
9 108
13 592
500
36
-
23 236
16 627
9 244
811
30
6
26 718
10 years ..................................
4 812
960
-
97
-
5 869
7 544
2 786
223
-
-
10 553
15 years ..................................
3 642
95
-
43
-
3 780
7 870
5 345
-
50
-
13 265
20 years ..................................
-
-
-
2 560
35
-
-
-
2 595
-
Total long-term (III) ............ 8 454
1 055
-
140
-
9 649
17 974
8 166
223
50
-
26 413
Total (I+II+III) .................... 39 581
20 387
1 468
2 449
2 616
66 501
47 811
21 917
2 181
280
3 007
75 196
XV-3 - Interest rates on Treasury bills by tender
2003
Minimum Maximum Weighted Minimum
average
rate
rate
rate
rate
13 weeks .............................................................. 2.89
3.60
3.40
2.25
26 weeks .............................................................. 3.10
3.85
3.54
2.34
52 weeks .............................................................. 2.95
4.42
3.85
2.42
4.40
4.00
2.99
2 years ................................................................ 3.40
5.08
4.83
3.95
5 years ................................................................ 4.28
5.97
5.70
4.89
10 years ................................................................ 5.24
6.50
6.15
5.50
15 years ................................................................ 5.85
6.06
20 years ................................................................
Maturities
2004
Maximum Weighted
average
rate
rate
3.04
2.42
3.20
2.65
3.80
3.03
3.77
3.44
5.02
4.50
5.23
5.10
5.86
5.68
6.10
6.08
XV-4 - Outstanding amounts of Treasury bills by tender
2003
Maturities
Banks
CDG
(1)
Insurance
companies and
pension
institutions
2004
UCITS
Other
Total
Banks
CDG
(1)
Insurance
companies
and pension
institutions
UCITS
Other
Total
13 weeks ...............................
295
-
-
339
66
700
-
-
20
990
-
1 010
26 weeks ...............................
2 276
38
462
2 198
236
5 210
395
-
95
663
-
1 153
52 weeks ...............................
7 537
753
2 895
5 893
544
17 622
4 754
1 764
1 970
3 990
3 414
15 892
Total short-term (I) ............ 10 108
791
3 357
8 430
846
23 532
5 149
1 764
2 085
5 643
3 414
18 055
5 119
6 148
6 974
7 758
943
26 942
3 047
2 747
3 959
2 557
301
12 611
5 years ................................. 27 797
4 797
18 677
15 386
2 497
69 154
29 451
4 043
27 171
21 180
2 004
83 849
Total medium-term (II) ...... 32 916
10 945
25 651
23 144
3 440
96 096
32 498
6 790
31 130
23 737
2 305
96 460
10 years ................................. 13 125
7 429
19 250
7 866
851
48 521
12 310
7 598
21 077
13 401
1 113
55 499
15 years .................................
6 571
3 985
12 967
4 094
1 310
28 927
9 057
8 442
15 323
8 098
1 273
42 193
20 years .................................
20
-
-
4
-
24
29
-
2 060
505
25
2 619
Total long-term (III) ........... 19 716
11 414
32 217
11 964
2 161
77 472
21 396
16 040
38 460
22 004
2 411
100 311
Total (I+II+III) .................... 62 740
23 150
61 225
43 538
6 447
197 100
59 043
24 594
71 675
51 384
8 130
214 826
2 years .................................
(1) Excluding the outstanding amount of the Treasury bills of the provident institutions administered by the Deposit and Management Fund.
XV-5 - Outstanding amounts of negotiable debt securities
(by category of initial subcriptions)
2003
2004
Credit
institutions
and CDG
Insurance
companies and
pension
institutions
UCITS
Other
Total
485
328
437
215
1 465
463
Bills of financing companies ………
2 653
1 265
2 077
721
6 716
Commercial paper …………………
10
Category of securities
Certificates of deposit ……………
Total .....................................
3 148
-
1 593
50
2 564
-
936
Credit
institutions
and CDG
Insurance
companies
and pension
institutions
UCITS
Other
Total
248
369
99
1 179
2 688
718
1 458
719
5 583
60
758
2
1951
-
2711
8 241
3 909
968
3 778
818
9 473
XV-6 - Stock Exchange indicators
Volume of transactions
Market capitalisation
Index (*)
1999 December
12 038.7
138 051
777.08
2000 December
6 832.5
114 881
658.43
2001 December
5 009.7
104 740
609.74
2002 December
9 545.6
87 175
2 980.44
2003
January
3 128.2
89 795
3 070.01
February
1 120.9
94 168
3 219.51
March
1 638.9
90 057
3 079.07
April
1 591.1
95 881
3 273.19
May
4 042.8
97 624
3 332.69
June
1 296.6
104 175
3 564.55
July
1 853.9
102 965
3 522.49
August
2 026.9
108 057
3 696.71
21 761.0
109 496
3 745.93
2 813.9
110 884
3 787.88
1 031.7
11 388.8
113 014
115 507
3 861.25
3 943.51
January
1 122.2
120 557
4 115.93
February
4 391.0
127 015
4 336.40
March
5 220.4
131 023
4 473.30
April
2 827.0
135 347
4 620.91
May
2 017.8
133 040
4 544.78
June
15 322.4
137 178
4 498.88
July
3 766.7
141 753
4 514.72
859.7
143 817
4 580.44
September
2 244.4
141 610
4 510.17
October
2 462.3
114 668
3 806.15
November
1 509.4
118 514
3 933.81
December
30 004.4
206 517
4 521.98
Period
September
October
November
December
2004
August
(*) With effect from 1 January 2002, the general stock exchange index (IGB) was replaced by
the Moroccan All Shares Index (MASI), which covers all quoted shares and takes as its
base 31 December 1991 = 1000.
Source : Casablanca Stock Exchange
XVI-1 - Non-financial agents investments
Outstanding amounts at the end of
the year
2002
A. Liquid assets..................................................................... 234 946
- Notes and coin ................................................................ 69 556
- Sight deposits ................................................................. 165 390
. Banking system............................................................. 148 680 *
. Treasury and Postal cheque centre..............................
8 358
(1)
...............................................
. Other sight deposits
8 352
B. Sight and Short-term assets .......................................... 129 734
- Savings accounts ........................................................... 43 097
. Banking system............................................................. 35 785
7 312
. National Savings Fund..................................................
- Time deposits ................................................................ 82 201
. Fixed-term and bills with the banking system.............. 82 133 *
. Short-term negotiable debt securites.............................
68
- Short-term Treasury bills ..............................................
4 436
. Six-month bills issued to the public..............................
2 554
. Bills acquired by tender (non-financial agents)...........
1 882 *
Changes (flows)
2003
2004
2003
2004
257 835
74 890
182 945
165 263 *
8 599
282 094
79 439
202 655
184 662
8 608
+22 889
+ 5 334
+17 555
+ 16 583
+ 241
+24 259
+ 4 549
+19 710
+19 399
+ 9
9 083
138 498
47 843
39 647 *
8 196
85 637
85 637 *
5 018
2 998 *
2 020 *
9 385
146 047
52 917
43 569
9 348
87 493
87 491
2
5 637
2 930
2 707
+ 731
+ 8 764
+ 4 746
+ 3 862
+ 884
+ 3 436
+ 3 504
- 68
+ 582
+ 444
+ 138
+ 302
+ 7 549
+ 5 074
+ 3 922
+ 1 152
+ 1 856
+ 1 854
+ 2
+ 619
- 68
+ 687
C. Medium-term assets .......................................................
4 854
3 771
2 557
- 1 083
- 1 214
- Medium-term Treasury bills ..........................................
. Three and five-year bills...............................................
. Bills acquired by tender ...............................................
. Other medium-term bonds ...........................................
- Medium-term negotiable debt securites.........................
D. Securities of UCITS
- Bond UCITS ..................................................................
- Share UCITS .................................................................
- Diversified UCITS ........................................................
3 703
2 479
887 *
337
1 151
1 941
730
952 *
259 *
1 830 *
1 534
0
1 275
259
1 023
- 1 762
- 1 749
+ 65
- 78
+ 679
- 407
- 730
+ 323
0
- 807
30 943
29 696
563
684
28 175
26 423
718
1 034
36 124
33 717
1 216
1 191
- 2 768
- 3 273
+ 155
+ 350
+ 7 949
+ 7 294
+ 498
+ 157
E. Institutional savings ....................................................... 103 320
- Funds of pension and provident institutions ................. 50 082
Of which : . CNRA and RCAR (2) ................................ (21 385)
. National Social Security Fund (CNSS).... (14 674)
- Technical provisions of insurance companies ............... 53 238
114 546
57 936
129 102
67 782
+ 11 226
+ 7 854
+ 14 556
+ 9 846
(+5 221)
(+434)
+ 3 372
(+8 092)
(+617)
+ 4 710
+39 028
+53 099
F. Company shares
- New issues of securities...................................................
- Shares of privatised companies .......................................
+9 068
+9 068
-
+11 674
+11 674
-
Total ................................................................
+48 096
+64 773
.................................................................
+ 1 111
- 4 792
Total of net investment flows .........................................
+49 207
+59 981
Sub-total .......................................................... 503 797
(3)
G. Adjustment
(4)
(26 606) (34 698)
(15 108) (15 725)
**
56 610 *
61 320
542 825
595 924
(1) Mainly non institutional sight deposits with the Deposit and Management Fund (CDG).
(2) National Pension and Insurance Fund (CNRA) and Collective Pension Allocation Scheme (RCAR).
(3) As data relating to shares held by non-financial agents are not available, only the new issues of corporate
securities, either on the primary market or at the time of the operations of privatisation are taken into account.
(4) This item makes it possible to take into account the changes in the composition of the net assets of UCITS,
by excluding share transactions carried out on the secondary market.
(*) Revised.
(**) Estimates.
XVI-2 - Non-financial agents investments according to
funds-gathering circuits
Outstanding amounts at the end
of the year
Funds - gathering circuits
2002
*
- Banking system ............................................................... 267 409
Changes (flows)
2003*
2004
2003
2004
291 089
316 006
+ 23 680
+ 24 917
1288
741
+ 880
- 547
- Financing companies ......................................................
408
- Treasury and Post office circuit ....................................
23 809 *
23 754
25 127
- 55
+ 1 373
29 737
35 689
44 083
+ 5 952
+ 8 394
- Insurance and provident institutions ........................... 81 935
Of which : . Insurance companies.............................. (53 238)
87 940
(56 610)
94 404
**
(61 320)
+ 6 005
(+3 372)
+ 6 464
(+4 710)
. National Social Security Fund (CNSS).. (14 674)
(15 108)
(15 725)
(+434)
(+617)
30 943
28 175
36 124
- 2 768
+ 7 949
All financial intermediaries ............................................. 434 241
467 935
516 485
+ 33 694
+ 48 550
............................................................................
+ 9 068
+ 11 674
.........................................................................................................................
+ 1 111
- 4 792
Total funds raised...................................................................................................................
+ 43 873
+ 55 432
+ 5 334
+ 4 549
+ 49 207
+ 59 981
(1)
- C.D.G. and managed funds ........................................
- UCITS .............................................................................
- Primary market of private securities
Adjustment
(3)
(2)
- Notes and coin..................................................................
69 556
74 890
79 439
Total ........................................................................................................................................
(1) The Deposit and Management Fund, the Collective Pension Allocation Scheme (RCAR) and the National
Pension and Insurance Fund (CNRA).
securities, either on the primary market or at the time of the operations of privatisation are taken into account.
(3) This item makes it possible to take into account the changes in the composition of the net assets of UCITS,
by excluding share transactions carried out on the secondary market.
(*) Revised.
(**) Estimates.
XVI-3 - Domestic financing of the economy
Outstanding amounts at the end
of the year
2002
2003
2004
Changes (flows)
2003
2004
I. Domestic financing of the economy
A. Financing of the Treasury ...........................................
- by financial intermediaries .......................................
. Bank Al-Maghrib advances
. Deposits with the Treasury and the
Postal Cheque Centre .............................................
. Banks' portfolio of public securities.........................
. UCITS' portfolio of public securities.......................
. Institutional investors' portfolio of
public securities.......................................................
. Other financial intermediaries' portfolio
of public securities .................................................
. Purchases of privatised public
(1)
enterprises' shares ................................................
- by corporations and individuals ..............................
. Deposits with the Treasury and the
Postal Cheque Centre ………………….................
. Six-month bills.........................................................
. Government loans....................................................
. Bills acquired by tender ...........................................
. Other Treasury bills
(2)
............................................
-4 584 *
-7 185
-8 254
+ 18 625
+ 19 524
- 2 601
+ 8 652
+ 8 202
- 1 069
1 744 *
75 179
37 495
657
76 466 *
41 840
263
71 771
44 946
- 1 087
+ 1 287
+ 4 345
- 394
- 4 695
+ 3 106
68 290
84 971
96 020
+ 16 681
+ 11 049
961
1 860
2 065
+ 899
+ 205
- 899
+ 450
-
*
-
-
8 358
2 554
2 479
3 394 *
8 599
*
2 998
730
3 644
8 608
2 930
0
4 883
+ 241
+ 444
- 1 749
+ 250
+ 9
- 68
- 730
+ 1 239
344 *
259 *
259
- 85
0
5 104
5 104
5 403
5 403
5 421
5 421
+ 299
+ 299
+ 18
+ 18
C. Financing of corporations and individuals ................
- by financial intermediaries ..................................... 242 750
. Credits..................................................................... 238 563
. Bonds portfolio.......................................................
4 187
- On securities market ...............................................
4
. Commercial papers..................................................
(3)
...........................................
. Corporate securities
263 935
257 316
6 619
-
279 608
273 608
6 000
2
-
+ 30 249
+ 21 185
+ 18 753
+ 2 432
+ 9 064
- 4
+ 9 068
+ 27 349
+ 15 673
+ 16 292
- 619
+ 11 676
+ 2
+ 11 674
-
-
+ 49 173
+ 41 008
+ 8 165
+ 36 019
+ 23 893
+ 12 126
127 461
143 921
+ 16 681
+ 16 460
B. Financing of public entities .........................................
- by Municipal Equipment Fund (FEC) ......................
Total of domestic financing of the economy...................
Of which : . Intermediated financing......................
. Direct financing...................................
-
II. Net foreign assets ......................................................... 110 780
(4)
...........................................................................................................
- 16 647
+ 7 502
Total assets (I+II+III) ..........................................................................................................
+ 49 207
+ 59 981
III. Other net assets
(1) As the data concerning transactions on the secondary market are not available, only the initial acquisitions are
taken into account.
(2) Capital equipment bonds and subscriptions from the capital account.
securities are taken into account.
(4) Total investments by non-financial agents (Appendix XVI-1) minus total assets (I+II).
(*) Revised.
SUMMARY
PAGE
Introductive note .............................................................................
International environment ..............................................................
National Output...............................................................................
. Agriculture, stock farming and fisheries .................................
. Minerals ...................................................................................
. Energy ......................................................................................
. Manufacturing industry ...........................................................
. Tourism ...................................................................................
Demand ..........................................................................................
Prices .............................................................................................
Population and Employment ..........................................................
Foreign trade ..................................................................................
External financial relations ............................................................
Public finance ................................................................................
Money.............................................................................................
. Monetary policy.......................................................................
. Monetary aggregates ...............................................................
. Payment instruments................................................................
Credit ............................................................................................
Credit institutions............................................................................
The capital market .........................................................................
5
14
20
22
28
30
33
36
40
43
47
51
58
65
73
73
80
89
97
105
112
Financial saving .............................................................................
118
The balance sheet of the Bank Al-Maghrib....................................
125
BANK AL-MAGHRIB
SUMMARY OF STATISTICAL APPENDICES
- National accounts ........................................................ .....
- Production of agriculture, stock farming and fisheries ....
- Mineral production .................................................. .......
- Production and consumption of energy .............................
- Index of industrial production .................................... ......
- Tourist arrivals ......................................................... ......
- Price indices ........ ....................................................... ......
- Employment and unemployment .............................. .......
- Foreign trade ............................................................ .......
- Balance of payments .........................................................
- Exchange rates ........................................................ .......
- Public finance ... ........................................................ ......
- Bank liquidity and interest rates ............................... .......
- Monetary and liquid investment aggregates ............ ......
- Counterparts of aggregate M3.................................... .......
- Cash mouvements at the Bank Al-Maghrib cash
desks and interbank exchanges at the clearing houses .. ...
- Assets and liabilities of banks and financing
companies .............. .................................................. ........
- Capital market ... .................................................... ........
- Financial saving... ..................................................... .......
I-1 to I-7
II-1 to II-15
III-1 and III-2
III-3 to III-7
IV-1
V-1
VI-1and VI-2
VI-3and VI-4
VII-1to VII-4
VIII-1
IX-1
X-1 to X-4
XI-1 to XI-13
XII-1to XII-8
XII-9 to XII-15
XIII-1 and XIII-2
XIV-1 to XIV-3
XV-1 to XV-6
XVI-1 toXVI-3
SUMMARY OF CHARTS
- Gross domestic product changes
- Cost of living index
- Foreign trade
- Transfert payment exchange rates
- Monthly impact of autonomous bank-liquidity factors
- Bank Al-Maghrib monthly interventions on the money market
- Weighted average interbank market rate
- Monetary aggregates
- Investments liquid aggregates (IL)
- Counterparts of M3
BANK AL-MAGHRIB

Annual Report 2004 - bank al

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