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Morocco Targets $1.7 Bln in Non-Phosphate Mining Revenue by 2030

A man wearing a compulsory face mask observes his neighborhood from a hill during a health state of emergency and home confinement orders in Rabat, Morocco. (AP)
A man wearing a compulsory face mask observes his neighborhood from a hill during a health state of emergency and home confinement orders in Rabat, Morocco. (AP)
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Morocco Targets $1.7 Bln in Non-Phosphate Mining Revenue by 2030

A man wearing a compulsory face mask observes his neighborhood from a hill during a health state of emergency and home confinement orders in Rabat, Morocco. (AP)
A man wearing a compulsory face mask observes his neighborhood from a hill during a health state of emergency and home confinement orders in Rabat, Morocco. (AP)

Morocco plans to raise revenue from non-phosphate mining to more than 15 billion dirhams ($1.7 billion) by 2030 from 6.5 billion dirhams in 2020 by facilitating investments and tax incentives.

With 72% of global reserves, Morocco is the world’s largest phosphates exporter and last year its state-owned phosphates company OCP reported revenue of 56.1 billion dirhams.

The Moroccan energy and mining ministry said on Monday in its 2025-2030 mining development plan that it is also aiming for a tenfold increase in investment in mine prospecting and research to 4 billion dirhams.

It did not say which minerals it would target, but Energy and Mining Minister Aziz Rebbah told a news conference that the government would put particular focus on “strategic metals” such as those used in the renewable energy sector.

Morocco is a major producer of renewable energy but also relies on gas imports, including through a pipeline running from natural gas producer Algeria through Morocco to Spain.

However, it is at odds with Algeria over the Western Sahara and has recently had a dispute with Spain.

Rebbah declined to answer a question on whether Rabat planned to renew the pipeline deal, which expires in November, but said the pipeline was “strategic” to Morocco’s gas supply.

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Türkiye Cenbank Cuts Rates by 250 Points to 45% as Expected

14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
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Türkiye Cenbank Cuts Rates by 250 Points to 45% as Expected

14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa
14 January 2025, Türkiye, Istanbul: A man seen rowing his boat along the Moda beach. Photo: Onur Dogman/SOPA Images via ZUMA Press Wire/dpa

Türkiye's central bank cut its key interest rate by 250 basis points to 45% as expected on Thursday, carrying on an easing cycle it launched last month alongside a decline in annual inflation that is expected to continue.

The central bank indicated it would continue to ease policy in the months ahead, noting that it anticipated a rise in trend inflation in January, when economists expect a higher minimum wage to lift the monthly price readings, Reuters reported.
In a slight change to its guidance, the bank said it will maintain a tight stance "until price stability is achieved via a sustained decline in inflation."
Last month, it said it would be maintained until "a significant and sustained decline in the underlying trend of monthly inflation is observed and inflation expectations converge to the projected forecast range."
In a Reuters poll, all 13 respondents forecast a cut to 45% from 47.5% in the one-week repo rate. They expect it to hit 30% by year end, according to the poll median.
In December, the central bank cut rates for the first time after 18-month tightening effort that reversed years of unorthodox economic policies and easy money championed by President Recep Tayyip Erdogan, who has since supported the steps.
To tackle inflation that has soared for years, the bank had raised its policy rate by 4,150 basis points in total since mid-2023 and kept it at 50% for eight months before beginning easing.
Annual inflation dipped to 44.38% last month in what the central bank believes is a sustained fall toward a 5% target over a few more years. It topped 75% in May last year.
"While inflation expectations and pricing behavior tend to improve, they continue to pose risks to the disinflation process," the bank's policy committee said after its rate decision.
A 30% administered rise in the minimum wage for 2025 was lower than workers had requested, though it is expected to boost monthly inflation readings this month and next, economists say.
The expected January inflation rise "is mainly driven by services items with time-dependent pricing and backward indexation," the bank said.
The central bank has eight monetary policy meetings set for this year, down from 12 last year.