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Morocco Experiences Slowdown in Growth of Bank Loans

A general view of the Central Bank of Morocco in Rabat. Reuters
A general view of the Central Bank of Morocco in Rabat. Reuters
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Morocco Experiences Slowdown in Growth of Bank Loans

A general view of the Central Bank of Morocco in Rabat. Reuters
A general view of the Central Bank of Morocco in Rabat. Reuters

Bank lending showed year-on-year growth of 4.5 percent in December 2020 compared to 5.2 percent in November 2020, with an increase in loans to the non-financial sector of 3.9 percent, according to Bank Al-Maghrib (BAM).

“This change reflects the slowdown in the growth of loans to private non-financial corporations from six percent to 4.7 percent and to public non-financial corporations at 0.5 percent, following a +4.4 percent compared to the previous month, BAM explained in its memo on key indicators of monetary statistics for December 2020.

It further highlighted the acceleration in the growth of loans to households from 2.7 percent to 3.4 percent.

The distribution of loans granted to non-financial sector according to the economic purpose indicates a continuous decline in consumer loans from 3.3 percent to 4.2 percent, an acceleration in the growth of loans to real estate by 2.1 percent to 2.5 percent and a decrease in equipment loans of three percent after +1.5 percent.

Meanwhile, the monetary aggregate (M3), which represents the money supply, recorded an annual growth of 8.5 percent in December 2020 compared to 7.7 percent in November 2020, BAM noted in its latest monetary statistics.

This development reflects the increase in the growth of demand deposits at banks to 10.6 percent, the further decrease in term accounts from 12.9 percent to 9.6 percent and the deceleration in the growth of currency in circulation from 20.6 percent to 20.1 percent.

Year-on-year, the M3 increased in December by 2.7 percent to amount to1,486.8 billion dirhams, mainly reflecting the four percent increase in sight deposits with banks and 1.7 percent in accounts term, BAM said.

On the other hand, the evolution of M3 is mainly attributable to the increase in bank credit of 2.1 percent and that of official reserve assets of 9.9 percent, the bank noted.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.