King Mohammed VI Receives Central Bank Governor Abdellatif Jouahri

King Mohammed VI, accompanied by Crown Prince Moulay El Hassan and Prince Moulay Rachid, met with Abdellatif Jouahri, Governor of the Central Bank (Bank Al-Maghrib), at the Royal Palace in Tetouan. Jouahri presented the Sovereign with the Bank’s annual report on the economic, monetary, and financial situation for the 2023 financial year.

Despite challenges such as an international difficult environment and natural disasters, Morocco’s economy still grew by 3.4%. Inflation decreased gradually to 6.1%, thanks to government measures and monetary policy tightening. The labor market saw a loss of jobs, with the agricultural sector being the most affected.

On the positive side, the budget deficit shrank to 4.4% of GDP, the current account deficit narrowed to 0.6%, and Morocco’s official reserve assets increased significantly. The country’s stability, reform agenda, and credibility earned positive evaluations from international institutions.

Jouahri highlighted the need for sustainable transitions in social, green economy, and digital fields. He emphasized the importance of private sector and foreign partners’ involvement in achieving economic prosperity. Morocco remains determined to prioritize national interests for development and emergence.

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