#Covid_19Economic DevelopmentResearchCOVID-19 in Morocco: Possible Economic Impacts

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The impact of the COVID-19 pandemic on the economic activity is not only direct and immediate, but will also have longer-lasting consequences as the economic activity of Morocco’s main partners has been disrupted

 

 

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On 12 March 2020, the World Health Organization (WHO) upgraded the global risks of the Coronavirus outbreak to “very high” – which is the top level of risk assessment. The efforts to contain the outbreak of the virus have not been successful, at least, in some countries. But as long as the spread is in-country, new cases will continue to emerge despite taking all effective measures to contain the virus [1].  This, however, will have immediate impact on many aspects.  The spread of Covid-19 has caused economic chaos, including a hard hit to the Chinese economic activity and a sharp drop in tourism industry worldwide.

Up until 24 March 2020, Morocco reported 170 new cases of the Coronavirus Covid-19 disease [2]. The potential impact on the economy may be very high, as it is expected to affect all vital sectors such as tourism, industry, trade, and finance. It is this impact that this paper attempts to take stock of.

 

Tourism Sector

Tourism is one of the most important sectors supporting the economy of Morocco and one that the country is sustainably developing and investing in. It is a sector that provides strong impetus to economic and social development as it is a major source of foreign currency revenue and job creation. As a result, and over the past two decades, Morocco has paid particular attention to tourism in its development policies.

Due to the implications of Covid-19 outbreak, the government has retreated to extremely costly preventive measures, including closing its air and land borders. Morocco’s Ministry of Foreign Affairs issued a statement on 15 March 2020 stating that it has suspended all international passenger flights to and from its territory until further notice [3].  This decision would affect tourism since it included a travel ban on entry to tourists coming from Covid-19-hit countries such as France[4], Italy [5], Spain [6], and the United States of America  [7].

The number of tourists who visited Morocco in March 2019 (i.e. the same period the country suspended air and sea links in 2020) was as follows: 294811 tourists from France (32%), 140586 from Spain (15%), 59400 from Germany (7%), 52559 from the United Kingdom (6%), and 52504 from Italy (6%). The total, in March 2019, was 911248 visitors, which is the equivalent of 10% of tourists’ arrivals to Morocco.

Morocco’s Coronavirus lockdown is expected to last for over a month. This would, therefore, require using previous data to forecast the next ones. Therefore, the number of tourists who visited Morocco in May 2019 was as follows: 231795 tourists from France (32%), 116596 from Spain (16%), 42 113 from Germany (6%), 44 231 from Italy (6%) with a total of 126 724 tourists. [9]

These measures are flashing warning signals of a major setback that will undoubtedly have an impact on Morocco’s GDP and job creation.  Tourism sector is the second largest contributor to GDP and job creation, as it contributes about 11% of the GDP.  It is also one of the largest employers in the country that directly employs an estimated number of 153 200 workers, according to 2017 statistics, which represents about 5% of the overall employment rate in the country. [10]

Crippled tourism would also affect Morocco’s foreign currency revenue and that derived from remittances of Moroccans living abroad. In fact, receipts generated by non-resident tourists in Morocco reached nearly 71.9 billion Dirhams in 2017. These receipts in foreign currency account for about 19% of foreign currency income [11] for the Moroccan economy. This would, in turn, affect air transport.  Morocco’s flag carrier Royal Air Maroc (RAM) suspended all internal and international flights following Morocco’s decision to suspend air and land links to foreign travelers. In 2018, RAM generated 16.7 billion Dirhams in revenues and carried 7.5 million passengers [12], the said airline will witness significant losses due to flight suspension.

 

INDUSTRY AND TRADE

In addition to tourism, the industrial sector will also be affected by the Coronavirus pandemic.  Coronavirus threatens to wipe out 35% of Nissan annual profits, putting its fractured alliance with Renault under serious financial pressure. A slowdown in China could force the world’s third-largest automotive group to expand job cuts, close more plants, and sell off assets in an effort to reboot a 21-year-old partnership [13]. One of the major threats posed by the Coronavirus outbreak on international car manufacturers is its heavy reliance on hundreds of car parts made in China. With the drop in sales in the US and other countries, China contributed with up to 70% of the group’s operating profit.[14]

Due to the pandemic outbreak and the imposed health emergency in France, Spain, and Italy, the group suspended production in 12 of its manufacturing facilities employing 18000 workers in France. In Spain, it closed four production facilities to “protect workers” in Valladolid, Valencia and Seville [15], which extended to Morocco through closing Renault factories after the enforcement of the total health emergency, in Tangier and Casablanca, starting from Thursday 19 March. This measure concerns around 11000 workers split between its two facilities [16]. It is also worth noting that the Renault-Nissan Alliance is Morocco’s largest investor in car manufacturing field. Moreover, Renault’s new project planning for 10-Billion-Dirham-investment, a joint-venture by Renault and its other suppliers, is expected to create 50,000 highly skilled permanent jobs, which is three times higher than the number of employees currently working for the group. [17]

However, the automotive industry is expected to be affected for a significant period of time. In light of the Renault-Nissan internal crisis and the negative effects that the Coronavirus outbreak will have on the group, it is anticipated that this would cause a delay or a downsize of this project to adapt with the nature of the internal crisis between the two partners and their reaction to the outbreak that pushed the group to expand job cuts, close more plants, and sell off assets, something that could reach Morocco as well.

In addition, both industry and trade sectors will be affected by the decline in China’s exports during the first two months of this year. The outbreak of the Coronavirus disrupted global supply chains, dropped commercial activity, and barred transportation to the second largest economy in the world. As a result, China’s total exports declined by 17.2% January and February 2020.[18]

Imports also dropped by 4%. Official figures showed that China reported a trade deficit of 7.1 billion USD in January-February 2020 combined.[19] Although China has managed to pass the peak of the Coronavirus outbreak, the industrial sector data shows a slow recovery as their activity is still significantly below normal average levels.[20]

China’s strict quarantine rules and travel restrictions on large parts of the country caused a drop in its foreign trade figures after production activity fell to record low on February 2020. This has pointed to a massive shrinking in manufacturing and services sectors activity. Despite the return to work of more than 80% of 2,552 foreign commercial companies in China, according to the China Customs Administration, less than a third of small and medium-sized companies, which employ about 80% of the workforce in China, operate normally, according to the Ministry of Industry and Information Technology reported last week. [21] However, they were operating at 20% of their actual production capacity [22].

This situation will have grave effects on Morocco as the country depends on China in its trade exchanges, mainly in catering for its needs in terms of the raw materials used in the industry sector as well as to provide goods for the trade and services sectors. China is Morocco’s 3^rd trade partner with a total trade volume of 39.5 billion dirhams in 2016, representing an average yearly increase of 18.2% since 2001; the Chinese direct foreign investment in Morocco has reached 362.5 million dirhams in 2016 and amounted to 582.4 million dirhams for the first six months of 2017, that is to say double the volume realized in 2016[23].

While Chinese exports to Morocco are concentrated on textile, manufactured products, and tea, Morocco’s exports to China are predominantly focused on fish and phosphates. Any disruption to the supply chains may cause disruption to the supply of goods that are commercially exchanged and this could trigger a rise in prices if the Coronavirus outbreak continues. This is true despite the assurances of the Moroccan authorities that they are actively working to ensure the continued flow of vital food supplies, especially with the month of Ramadan coming, which is known for the rise in consumption compared to the rest of the year.

Moroccan companies will also be adversely affected by the drop in business due to the local health emergency and their business with other countries affected by health emergency, particularly those in the European Union and more precisely France. According to the Department of Economic Studies and Financial Forecast at the Ministry of Economy, Finance, and Administrative Reform France remained the first investor in Morocco with a 28% share between 2012 and 2018. It also became the second investor in Morocco between 2018 and 2019. In 2018, FDI inflows from France reached 8.1 billion dirhams, which is an increase of 4.9 [24]. Moroccan companies will inevitably be affected by the French companies impacted by the outbreak of the Coronavirus. This is already happening. France’s President Emmanuel Macron announced he will guarantee up to 300 billion Euros of bank loans to companies, particularly those that suspended their activities or have lost at least 70% of their sales [25].

 

THE BANKING SECTOR 

There are two main reasons behind the severe impact of Coronavirus outbreak on the banking sector.  The first reason is external and reflected in Morocco’s partners in the banking sector who suffered economic damage because of the Coronavirus outbreak, especially in France where the European banks have suffered a sharp fall in the stock market. On Friday 06/03/2020, shares of SOCIETE GENERALE dropped by 6%, BNP Paribas and Natixis 5.5% and Crédit Agricole by just over 4% [26]. In addition, results of BNP PARIBAS for the whole month of 03/2020 were estimated at 38.48% [27], and SOCIETE GENERALE at 39.55% [28]. 

Since the reporting of the first confirmed case of the Coronavirus in Europe, Euro STOXX Banks dropped by 25%, the index’s worst day on record since 2012. During that time,  Société Générale shares fell by 31% (which is the equivalent of nearly one year of profits), BNP Paribas shares dropped by nearly 27% [29]. This prompted the European Central Bank (ECB) to launch a 750 billion euro emergency bond plan to satisfy the European bond markets [30], while a 300 billion euro bailout plan was launched in France to guarantee all the new loans that banks would require to provide to companies [31].

The Board of Directors at Bank Al-Maghrib held a meeting on 17/03/2020 to examine the latest developments of the economic climate and the macro-economic forecast following the outbreak of Covid-19. The Board noted that the fast spread of the pandemic has called for a continuous update of data to assess the current situation and to assist with economic forecasts [32]. This prompted the Bank Al-Maghrib to take measures to avoid high inflation in the medium term, and to support the Moroccan economy. The Board also decided to reduce the prime interest rate by 25 points on the basis of 2% while continuing to follow up all developments that may occur [33].

This situation may contribute to reducing investments and increasing bad debts. It could also lead to a rise in risks premium for banks, therefore affect their future results particularly since this was paired with a drop in the stock market, which also has an impact on the market activities. This is not only true within Europe and France; its impact will reach countries in which these banks have been investing, including Morocco which ranks at the top of these countries as it is considered a strategic partner and a vital market for investment. This bitter blow to the European banks in general and French banks in particular will affect their performance in Morocco. The banking sector has become a strategic partner for Morocco in a number of major development projects, including the program “Intilaka” which is meant to support and finance businesses. The banking sector is considered a strategic partner with the State in making this program a success. Any damage caused to banks entails shrinking or slowing down such programs [34] .

 

Energy sector

Energy sector is the only sector that Morocco may benefit from. Oil prices have fallen as a result of efforts to curb the spread of the Coronavirus outbreak. Morocco may benefit from its drop in USD expenditure on oil which will positively affect the value of the local currency following the widening of dirham band to 5% on March 9, 2020.

Crude oil prices posted their biggest losses since the global financial crisis. On March 6, 2020, the Benchmark Brent crude tumbled 9.4% to US$45.27 per barrel, marking its largest daily dip since September 2008 and largest one in a single day since November 2014 [35].

Two days following that, oil prices reached their lowest levels in years when trading of forward buying’ contracts opened on 8 March 2020 in New York, along with a drop in forward buying’ contracts for US crude oil falling to 31% to $ 28.56 a barrel. Brent crude, the global price index, was down by 29% to $32.28 a barrel; price plunge in worst day since financial crisis for more than a decade [36].

 

Are there any ways to mitigate the risks?

As of March 24, 2020, 170 cases of COVID-19 have been registered in Morocco. The spread of the pandemic would directly affect Morocco’s vital economic sectors, such as tourism, industry, trade, transport, and banking. Moroccan economy will also be indirectly impacted as the country’s strategic partners were hit hard by the Coronavirus outbreak.  Figures indicate GDP shrink in China and Europe. If the current situation continues or worsens, Morocco GDP will negatively be impacted which, in turn, could affect the major projects and workshops launched by the Kingdom. This could also hinder projects that depend on the banking sector such as the Integrated Program for Business Support and Financing.

Morocco is trying to mitigate the economic impact of the Coronavirus outbreak by providing the necessary financial resources. King Mohammed VI announced the creation of “a special fund to address the novel Coronavirus (COVID-19) pandemic”. The fund includes contributions from the public budget, local communes, public enterprises and businesses, and private sector. The fund aims at rehabilitating the health system, covering expenses related to supporting the national economy to cope with the repercussions of the Coronavirus outbreak, expenditures related to maintaining employment, and mitigating the collective consequences of the Covid-19 [38].

The response of the Moroccan political and economic elites to this fund has shown the extent of national cohesion between these elites and the political leadership. Yet, it will be difficult for the fund alone to deal with the consequences of the pandemic as it will have significant effects on many other economic sectors.

Morocco’s central bank, Bank Al-Maghrib, expects a decline in non-agricultural activities to 2.9%. It also forecast growth rate of 3.8% in 2021, and an increase in agricultural value-added by 8.1%, taking into account the possibility of achieving a grain harvest of 75 million quintals. Yet Bank Al-Maghrib is aware that the aforementioned forecast can be put into question and even reduced, if the Covid-19 outbreak was not contained at the national and international levels in the nearest future [39].

If Coronavirus is not contained, a new worldwide economic crisis will be very likely and will have a severe impact on the already-fragile global economy. Morocco is a part of this international trade system and will be hit too. The impact for Morocco might be doubled as the country is expected to experience drought event that might deepen the crisis.

 

Footnotes

[1] Debora MacKenzie  , How well prepared are we? , New Scientist, 7 March 2020 , Vol 245 ,No 3272 ,p:6

[2]  See Maghreb Arab Press :https://www.mapnews.ma/ar/actualites/%D9%85%D8%AC%D8%AA%D9%85%D8%B9/%D9%81%D9%8A%D8%B1%D9%88%D8%B3-%D9%83%D9%88%D8%B1%D9%88%D9%86%D8%A727-%D8%AD%D8%A7%D9%84%D8%A9-%D8%AC%D8%AF%D9%8A%D8%AF%D8%A9-%D8%A8%D8%A7%D9%84%D9%85%D8%BA%D8%B1%D8%A8-%D8%AA%D8%B1%D9%81%D8%B9-%D8%A7%D9%84%D8%B9%D8%AF%D8%AF-%D8%A7%D9%84%D8%A5%D8%AC%D9%85%D8%A7%D9%84%D9%8A-%D8%A5%D9%84%D9%89-170-%D8%AD%D8%A7%D9%84%D8%A9-%D9%85%D8%A4%D9%83%D8%AF%D8%A9

[3]  See the statement of the Ministry of Foreign Affairs and Cooperation issued on Sunday 3/15/2020, link: https://www.diplomatie.ma/ar/%D8%A7%D9%84%D9%85%D8%BA%D8%B1%D8%A8-%D9%8A%D9%82%D8%B1%D8%B1-%D8%AA%D8%B9%D9%84%D9%8A%D9%82-%D8%AC%D9%85%D9%8A%D8%B9-%D8%A7%D9%84%D8%B1%D8%AD%D9%84%D8%A7%D8%AA-%D8%A7%D9%84%D8%AC%D9%88%D9%8A%D8%A9-%D8%A7%D9%84%D8%AF%D9%88%D9%84%D9%8A%D8%A9-%D9%84%D9%86%D9%82%D9%84-%D8%A7%D9%84%D9%85%D8%B3%D8%A7%D9%81%D8%B1%D9%8A%D9%86-%D9%85%D9%86-%D9%88%D8%A5%D9%84%D9%89-%D8%AA%D8%B1%D8%A7%D8%A8%D9%87-%D8%A5%D9%84%D9%89-%D8%A5%D8%B4%D8%B9%D8%A7%D8%B1-%D8%A2%D8%AE%D8%B1

[4] Bruno Trévidic , Les compagnies européennes quasiment à l’arrêt , Les Echos, Tuesday 17 March 2020, page: 16

[5] ERIC SYLVERS ,GIOVANNI LEGORANO, As Virus Spreads, Italy Locks Down Country, THE WALL STREET JOURNAL, TUESDAY, MARCH 10, 2020, NO. 57, pp: A1, A9

[6] sandrine morel, L’Espagne en état d’alerte après avoir tardé à faire face , Le Monde, Sunday 15 Monday 16 March 2020, N° 23384, p :4

[7]  Andrew Restuccia , Alex Leary , Kate Davidson, Trump Curtails Travel From Europe, THE WALL STREET JOURNAL , THURSDAY, MARCH 12, 2020, N° 59, pp: A1, A7

[8] See statistics on tourism in Morocco March 2019, Moroccan Ministry of Tourism, p. 5, https://www.tourisme.gov.ma/sites/default/files/tbnat_03-19_arabe_2.pdf

[9] See statistics on tourism in Morocco March 2019, Moroccan Ministry of Tourism, p. 5

https://www.tourisme.gov.ma/sites/default/files/tbnat_05-19_arabe_1.pdf

[10] See the figures of the Ministry of Tourism and Handicraft, link: https://www.tourisme.gov.ma/ar/node/166

[11] Same source

[12] Wadie El Mouden, ROYAL AIR MAROC: MALGRÉ LA GRÈVE DES PILOTES, LE CHIFFRE D’AFFAIRES AUGMENTE DE 16% EN 2018,  23/05/2019, https://fr.le360.ma/economie/royal-air-maroc-malgre-la-greve-des-pilotes-le-chiffre-daffaires-augmente-de-16-en-2018-190822

[13] KANA INAGAKI ,DAVID KEOHANE, FINANCIAL TIMES Europe, Monday 9 March 2020, p: 8

[14] Ibid

[15] Julien Dupont-Calbo , Renault, PSA et Michelin coupent le contact , Les Echos , Tuesday 17 March 2020 , N° :23160, p :17

[16] See:  https://leseco.ma/coronavirus-renault-maroc-arrete-la-production-dans-ses-usines/

[17]Moroccan Ministry of Industry and Trade statement about Renault new project in Morocco: 10 billion dirham worth of investment, 50000 new jobs created, browsing time: 09-03-2020, link:http://www.mcinet.gov.ma/ar/content/%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D8%B1%D9%88%D9%86%D9%88-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF-%D9%81%D9%8A-%D8%A7%D9%84%D9%85%D8%BA%D8%B1%D8%A8-10-%D9%85%D9%84%D8%A7%D9%8A%D9%8A%D8%B1-%D8%AF%D8%B1%D9%87%D9%85-%D9%83%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D8%A5%D8%AC%D9%85%D8%A7%D9%84%D9%8A%D8%8C-50000-%D9%85%D9%86%D8%B5%D8%A8-%D8%B4%D8%BA%D9%84-%D9%88%D8%B8%D9%8A%D9%81%D8%A9http://www.mcinet.gov.ma/ar/content/%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D8%B1%D9%88%D9%86%D9%88-%D8%A7%D9%84%D8%AC%D8%AF%D9%8A%D8%AF-%D9%81%D9%8A-%D8%A7%D9%84%D9%85%D8%BA%D8%B1%D8%A8-10-%D9%85%D9%84%D8%A7%D9%8A%D9%8A%D8%B1-%D8%AF%D8%B1%D9%87%D9%85-%D9%83%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D8%A5%D8%AC%D9%85%D8%A7%D9%84%D9%8A%D8%8C-50000-%D9%85%D9%86%D8%B5%D8%A8-%D8%B4%D8%BA%D9%84-%D9%88%D8%B8%D9%8A%D9%81%D8%A9

[18] Sue-Lin Wong , Chinese exports tumble 17% as outbreak takes its toll , FINANCIAL TIMES Europe , MONDAY 9 MARCH 2020 ,p2:

[19] Ibid

[20] HUDSON LOCKETT ,HONG KONG RYAN MCMORROW, China struggles to resume life as normal , financial times Europe , 21 March/22 March 2020 ,p:3

[21] Sue-Lin Wong , Chinese exports tumble 17% as outbreak takes its toll , FINANCIAL TIMES Europe , MONDAY 9 MARCH 2020 ,p2:

[22] TREFOR MOSS , China’s Idled Factories Face Reopening Delay , THE WALL STREET JOURNAL , THURSDAY, MARCH 12, 2020 ,NO. 59 ,P:B10.

[23] See , 6TH MOROCCO-CHINA TRADE, ECONOMIC AND TECHNICAL COOPERATION JOINT COMMITTEE , http://www.mcinet.gov.ma/en/content/6th-morocco-china-trade-economic-and-technical-cooperation-joint-committee

[24]  انظر : جمعية أرباب العمل الفرنسية والاتحاد العام لمقاولات المغرب ينظمان المنتدى الاقتصادي الفرنسي المغربي ، الرابط: http://www.cgem.ma/ar/2223-%D8%AC%D9%85%D8%B9%D9%8A%D8%A9-%D8%A3%D8%B1%D8%A8%D8%A7%D8%A8-%D8%A7%D9%84%D8%B9%D9%85%D9%84-%D8%A7%D9%84%D9%81%D8%B1%D9%86%D8%B3%D9%8A%D8%A9-%D9%88%D8%A7%D9%84%D8%A7%D8%AA%D8%AD%D8%A7%D8%AF-%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D9%84%D9%85%D9%82%D8%A7%D9%88%D9%84%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%BA%D8%B1%D8%A8-%D9%8A%D9%86%D8%B8%D9%85%D8%A7%D9%86-%D8%A7%D9%84%D9%85%D9%86%D8%AA%D8%AF%D9%89-%D8%A7%D9%84%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%D9%8A-%D8%A7%D9%84%D9%81%D8%B1%D9%86%D8%B3%D9%8A-%D8%A7%D9%84%D9%85%D8%BA%D8%B1%D8%A8%D9%8A/%EF%BA%83%EF%BA%A7%EF%BA%92%EF%BA%8E%EF%BA%AD-%EF%BA%8D%EF%BB%B9%EF%BA%97%EF%BA%A4%EF%BA%8E%EF%BA%A9-%EF%BA%8D%EF%BB%9F%EF%BB%8C%EF%BA%8E%EF%BB%A1-%EF%BB%9F%EF%BB%A4%EF%BB%98%EF%BA%8E%EF%BB%AD%EF%BB%BB%EF%BA%95-%EF%BA%8D%EF%BB%9F%EF%BB%A4%EF%BB%90%EF%BA%AE%EF%BA%8F

[25] Alain Ruello, Renaud Honoré, Ingrid Feuerstein , 300 milliards d’euros sur la table pour les crédits aux entreprises , Les Echos ,Mardi 17 mars 2020, NO 23160  ,p :4

[26] Romain Gueugneau , D’autres experts sont plus pessiEncore une semaine noire pour les banques en Bourse , Les Echos Lundi 9 mars 2020 ,p :29

[27]  انظر : https://www.boursorama.com/cours/1rPGLE/

[28]  انظر : https://www.boursorama.com/cours/1rPBNP/

[29] Romain Gueugneau , D’autres experts sont plus pessiEncore une semaine noire pour les banques en Bourse , Les Echos Lundi 9 mars 2020 ,p :29

[30] Guillaume Benoit , Le plan d’urgence de la BCE rassure les marchés sur la cohésion de la zone euro , Les Echos , 20 ,21 March 2020, N° : 23163, p :28

[31] Alain Ruello, Renaud Honoré,  Ingrid Feuerstein, 300 milliards d’euros sur la table pour les crédits aux entreprises , Les Echos, 17 March 2020 , N°: 23160, p :4

[32] See Bank Al-Maghrib meeting – March 17, 2020 http://www.bkam.ma/ar/content/view/full/574014

[33] Same source

[34] See Minister of Finance of website, https://www.finances.gov.ma/ar/Pages/%D9%85%D8%B3%D8%AA%D8%AC%D8%AF%D8%A9.aspx?fiche=4756

[35] David Hodari, Summer Said , Benoit Faucon , Oil Skids As Russia Balks at More Cuts , THE WALL STREET JOURNAL , SATURDAY/SUNDAY, MARCH 7 – 8, 2020 , NO. 55,p:B1

[36]  BENOIT FAUCON ,SUMMER SAID , Oil Sinks As Saudis, Russia Clash THE WALL STREET JOURNAL , MONDAY, MARCH 9, 2020 , NO. 56 ,pp :A1,A9

[37]  See, the Official Gazette, N° 6865 bis, 17-03-2020, p. 1540

[38] See Maghreb Arab Press, https://www.mapnews.ma/ar/actualites/%D9%85%D8%AC%D8%AA%D9%85%D8%B9/%D9%81%D9%8A%D8%B1%D9%88%D8%B3-%D9%83%D9%88%D8%B1%D9%88%D9%86%D8%A7-%D9%85%D9%88%D8%A7%D8%B1%D8%AF-%D8%A7%D9%84%D8%B5%D9%86%D8%AF%D9%88%D9%82-%D8%A7%D9%84%D8%AE%D8%A7%D8%B5-%D8%A8%D8%AA%D8%AF%D8%A8%D9%8A%D8%B1-%D8%AC%D8%A7%D8%A6%D8%AD%D8%A9-%D9%81%D9%8A%D8%B1%D9%88%D8%B3-%D9%83%D9%88%D8%B1%D9%88%D9%86%D8%A7-%D8%A8%D9%84%D8%BA%D8%AA-%D8%AD%D9%88%D8%A7%D9%84%D9%8A-235-%D9%85%D9%84%D9%8A%D8%A7%D8%B1

[39] See: Bank Al-Maghrib meeting – March 17, 2020 http://www.bkam.ma/ar/content/view/full/574014[/vc_column_text][/vc_column][/vc_row]