In his address before HM the King, Jouahri said that Morocco achieved satisfactory economic performance in 2009 despite the global recession, thanks to the resilience of domestic demand and the normal functioning of credit markets, together with the measures taken by public authorities.

    The Governor of Bank Al-Maghrib pointed that the increase in the agricultural value added, owing to an exceptional crop, kept overall growth at nearly 5%. In these circumstances, he said, inflation did not exceed 1%, while unemployment again decreased.

    Concerning fiscal policy, Jouahri indicated that budget deficit reached 2.2% of GDP, while the current account posted a new deficit that caused foreign exchange reserves to shrink.

    The Governor of Bank Al-Maghrib went on to say that if the international crisis has proved the resilience of the national economy against external shocks, it has however highlighted the vulnerabilities it suffers from, particularly the structural deficit in the trade balance. In this connection, he underlined the need to step up efforts to improve the competitiveness of productive sectors linked to foreign demand, and to ensure the consistency of sectoral programs, without prejudice to macroeconomic stability, as His Majesty the King underlined in the last Throne Speech.

    Jouahri further declared that Bank Al-Maghrib, throughout the year, supplied banks with the required financial resources to ensure adequate financing of the economy. He added that the central bank continued to strengthen monetary policy and worked to maintain sound and balanced relationships between banks and their customers, and extend access to banking services, particularly to the middle classes and the rural population.
   
    Finally, the Governor of Bank Al-Maghrib underlined that Morocco’s strong international and regional presence, under the leadership of His Majesty the King, will undoubtedly be bolstered by the major projects that His Majesty has initiated, as part of a balanced development strategy that takes into account the imperatives of sustainable development and solidarity among all components of society.