Moroccan Central Bank achieves positive results in 1996

The governor of the Moroccan Central Bank declared that the bank made progress in 1996 and helped in achieving a national growth rate of 12% as a result of the improvement in revenue from agriculture and tourism, in addition to the transfers from expatriates.

The report mentioned that the economic and financial sectors improved last year as internal fluctuations were reduced, foreign currency savings increased, and inflation rates dropped. The Moroccan economy witnessed many problems due to the draught, which resulted in a drop in the growth rate by 7%.

Agricultural progress helped in achieving a surplus in the trade balance. The revenue from tourism and the expatriate transfers helped in reducing the deficit in the balance of payment from 4.6% to 1.8%. The budget deficit dropped from 5.3% to 3% and public revenue increased by 11%. Bank loans offered to the economy dropped by 10.4%.

The report mentioned that the improvement in the international economy also helped in raising Morocco's economic growth as a result of increasing the external trade and the increase in the exports of food products.