FDI 2023. Are rates responsible for the annus horribilis?

Despite the encouraging FDI figures recently released by the government, the fact remains that 2023 was a particularly catastrophic year for attracting international investment. Beyond revenue figures, net flows experienced a significant contraction, mainly weighed down by massive capital outflows linked to cash pooling operations. Is monetary policy, marked by a differential between national key rates and those of our currency basket, responsible for this? Explanations.

Ghassan Waïl El Karmouni

July 9, 2024 at 10:48 a.m.

Modified July 9, 2024 at 11:49 a.m.

Despite the encouraging FDI figures recently released by the government, the fact remains that 2023 was a particularly catastrophic year for attracting international investment. Beyond revenue figures, net flows experienced a significant contraction, mainly weighed down by massive capital outflows linked to cash pooling operations. Is monetary policy, marked by a differential between national key rates and those of our currency basket, responsible for this? Explanations.

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The latest figure published by UNCTAD, concerning the net flows received by Morocco in 2023, is particularly worrying. At 11.09 billion dirhams, or one billion dollars, this is the lowest level received by Morocco in at least two decades. This figure marks a drop…

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Ghassan Waïl El Karmouni

July 9, 2024 at 10:48 a.m.

Modified July 9, 2024 at 11:49 a.m.

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