ALMAGHRIBIA — broadcast
20261012 230000 UTC
467 transcript segments
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[00:00:00] I think they agree on it,
[00:00:01] today is required to take this and this is what we also saw
[00:00:03] during the election campaign through electoral promises, but
[00:00:07] today the method of implementation remains. Will there be agreement or disagreement?
[00:00:11] of hard currency from the national The coming days will show whether there is
[00:00:14] an agreement or there will be a slight disagreement on the issue of implementation,
[00:00:17] especially since the statement was issued by the government majority a little while ago.
[00:00:21] It confirmed that the components of this majority
[00:00:24] are characterized by political and intellectual convergence
[00:00:26] currency. To discuss this and share a common reformist vision.
[00:00:30] The composition is a real convergence in the references that you mentioned and the economic
[00:00:33] and social choices, and where
[00:00:37] and that can differences appear
[00:00:39] will not happen, because today government time should between these parties? I believe that we are dealing with two leftist parties today that will come
[00:00:43] into the government, and we must not
[00:00:45] is the Moroccan economy's ability to
[00:00:46] us, new municipal forget that the Authenticity and Modernity Party is also a party that includes a group of
[00:00:49] leftist and modernist currents, and therefore there will be some convergence
[00:00:53] in the ideological references between these parties. Then, we must not
[00:00:57] the 2027 draft financial law forget that even the Istiqlal Party, which we can classify as a conservative
[00:01:00] party, also has experience working alongside
[00:01:03] a group of leftist parties for
[00:01:05] to testing the ability many years, and therefore I do not think there will be a disagreement
[00:01:09] on ideological reference bases, because most of today's
[00:01:12] that the transformation in files are economic and social files, and these are concerns
[00:01:17] and the repercussions of these developments that the parties agreed on even before forming this government. But the question remains: which files
[00:01:22] So what is the source of the pressure will be prioritized?
[00:01:24] with citizens and with Of course, today we are talking about two parties that were in the opposition, and also throughout the past
[00:01:28] years, they have always formed a strong opposition to the government that
[00:01:32] included the Istiqlal Party and the Authenticity
[00:01:35] was about this education or other and Modernity Party. They have also always criticized the management of government files. Today, will these two parties,
[00:01:39] by entering the government, work to correct what they saw in
[00:01:44] overcome this the past as a deviation from the path that the government should take, especially with regard to files
[00:01:48] related to employment, development, prices,
[00:01:52] and so on? Or will there be resistance from these two parties,
[00:01:55] and will there
[00:01:58] we are talking about a reserve of be a new agreement on a new formula to deal with these files? So
[00:02:01] today, as I said, the features will emerge clearly through
[00:02:05] the government program, but also through
[00:02:07] be able to translate this the draft financial law for 2027, because of course,
[00:02:11] the financial framework is what will determine whether social files
[00:02:14] And the most important thing that this and employment files will be prioritized,
[00:02:16] communication and good work or whether there are other files that will be given this
[00:02:20] there would be an increase in citizen confidence in government priority. So, I believe that coherence will characterize the start
[00:02:23] of this government because most of the files are agreed upon. There may be
[00:02:27] differences at the level of implementation and the timing
[00:02:36] of the government coalition. What is striking in the statement issued a little
[00:02:39] while ago, Mr. Azraq, is
[00:02:42] Morocco. that it frankly mentioned taking into account previous government experiences
[00:02:44] before deciding on the formation of the majority. What are the lessons that
[00:02:48] can and should guide this choice and what
[00:02:52] the new majority should avoid at the level of political
[00:02:57] Regulations of the House, will begin at management and government work? I believe that the government today must remember that it
[00:02:59] is primarily a political government, and I believe that among the mistakes that
[00:03:03] faced
[00:03:06] Central Bank. Despite the pressure some previous governments was the issue that the political dimension was somewhat
[00:03:08] weak because there was a dominance of a group of technocratic profiles
[00:03:12] that favored
[00:03:15] Defense Administration in Rabat, technocratic aspects over political communication.
[00:03:18] Today, the first thing this government must do is communicate politically
[00:03:22] with citizens. Among the first files, we talked about files related to
[00:03:26] crises that do not respond employment, related to purchasing power, related to economic take-off.
[00:03:30] reducing income But I believe that among the most important files that the government must address today is the issue of
[00:03:33] political communication and restoring citizen confidence in the
[00:03:37] Moroccan political scene. We want the participation rate
[00:03:40] in the next elections in 2031 to be more than 31%.
[00:03:44] So, it must work to restore confidence to the Moroccan citizen in the political
[00:03:48] scene, to open up space for youth
[00:03:51] to train in political work within parties and also
[00:03:55] systems capable of within the government scene. We want
[00:03:58] young ministers. We do not want to repeat the same faces
[00:04:02] we saw in previous governments. I believe that this is the demand of most Moroccans
[00:04:06] who voted, and therefore today this is another challenge for these parties
[00:04:10] in amount, at the level of forming the next government, because new young men
[00:04:14] and women will give hope for change and will inject
[00:04:17] 30. The increase in demand for new blood and give the most important thing that we expect, which is confidence in political
[00:04:21] action, and therefore this will be a major determinant for the next
[00:04:24] voting intentions in 2031, but also voting
[00:04:28] system whose management is linked intentions for the next municipal elections. The issue of restoring confidence in the
[00:04:31] political scene is not only the task of the government, but it is also the task
[00:04:35] of the opposition. The opposition
[00:04:38] readiness for positive cooperation with must also play its role as it should in following up on government work, monitoring government work,
[00:04:42] submitting draft laws,
[00:04:45] the discussion and after we deliberated on this and evaluating public policies. country. The discussions of this So today, this task
[00:04:48] that today is a new experience, and in this type of is shared by both the opposition
[00:04:51] and the government. Mr. Azraq, after
[00:04:55] agreeing on the participating parties, consultations are now
[00:04:58] factors are what affected moving to the distribution of portfolios and the nomination of government members.
[00:05:02] How can the political weight of parties and the requirements of efficiency
[00:05:05] also affirmed that this and coherence within the government team be reconciled?
[00:05:09] Of course, the political weight is determined by the number of seats.
[00:05:14] Negotiations on portfolios today indicate, according to announced intentions
[00:05:18] and some leaked statements, that we are heading towards a government
[00:05:21] with fewer ministerial portfolios than the previous
[00:05:25] government, in order to be a more effective and more
[00:05:28] convergent government at the level of public policies. However, if
[00:05:32] there is also a demand
[00:05:35] for a larger number of ministerial portfolios, this could create
[00:05:38] an obstacle at the beginning of this government, which could lead
[00:05:42] to a similar deadlock to the one that occurred
[00:05:46] during some previous government terms. This is what we hope
[00:05:51] not be wasted on discussing ministerial portfolios, because we have
[00:05:55] a draft financial law awaiting
[00:05:58] elections awaiting us, and major challenges awaiting us at the level of completing
[00:06:02] major projects and ongoing reform projects. So I believe that
[00:06:05] there must be a sense of national spirit and also
[00:06:09] of efficiency. How do we achieve efficiency with the fewest number of ministerial
[00:06:12] portfolios, and that the number is large because it poses a problem at the level of convergence,
[00:06:16] coordination, and coherence. But as I said, the weight today, the number
[00:06:20] of seats, is the main determinant for negotiation. Of course, the largest share
[00:06:23] will go to the Istiqlal Party and also the Authenticity
[00:06:27] and Modernity Party. But of course, there are some portfolios that may
[00:06:31] also go to these parties historically. Those that were allocated to these parties
[00:06:34] may return to them. We saw housing and urban planning for a period of time, it
[00:06:38] was a portfolio, and health was the portfolios that the Party of Progress
[00:06:42] and Socialism always held.
[00:06:44] Education or national
[00:06:48] parties' ministerial portfolios that the Socialist Union held. But I think that
[00:06:51] if there are new profiles, why not these parties get out of their
[00:06:55] comfort zones and go to new ministries and try new
[00:06:58] experiences with new profiles? This could give better
[00:07:02] and more efficient results. The composition
[00:07:05] of the government majority, after it was decided on the basis of what
[00:07:09] the statement described as intellectual and political convergence,
[00:07:12] now moves to formulating a common government program.
[00:07:16] To what extent will these four parties
[00:07:19] political consensus into a governmental contract with clear priorities
[00:07:23] and measurable commitments?
[00:07:26] program should carry is transformations and in choices and public policies
[00:07:30] so that it is not just an extension, but a real response
[00:07:33] to the challenges of the stage and, most importantly, the expectations
[00:07:36] of citizens. I believe today that opening the door for the participation of leftist
[00:07:40] parties in the government coalition sends a message that the government today
[00:07:43] is determined to give a greater space to social
[00:07:46] files, to economic files related to family and purchasing
[00:07:50] power, because this has always been the main file that leftist parties,
[00:07:54] especially the Socialist Union and the Party of Progress, advocate
[00:07:57] for. Progress and Socialism. So today I believe
[00:08:00] that these files will be prioritized, as well as
[00:08:04] the main files that were criticized
[00:08:07] against the government during the past term were the files,
[00:08:11] especially those related to purchasing power and employment. Therefore, I believe
[00:08:15] that opening the door was the first strong indication that
[00:08:18] we will deal with these files with a new spirit and also
[00:08:21] with a spirit that takes into account that dimension that was present in the opposition
[00:08:25] for leftist parties. And I believe that this point is credited to the government
[00:08:29] today and the consensus between its various components. As I told
[00:08:32] you, the question remains how we will implement the measures that
[00:08:35] we will take. For example, when we talk about strengthening purchasing
[00:08:39] power, will we move towards
[00:08:42] tax, or will we move towards capping or raising
[00:08:46] the minimum wage, or raising wages, or controlling
[00:08:50] prices and competition, and so on? So these are all mechanisms, but will there be
[00:08:53] an agreement on them or will some of them be chosen? This is the second challenge facing
[00:08:57] the government coalition. Professor Sadiq, through the map of political
[00:09:00] forces that these elections produced and the composition of the new majority,
[00:09:04] what is the nature of the parliamentary opposition that can
[00:09:07] be formed, and to what extent can the diversity of its
[00:09:11] components be a factor in strengthening oversight and accountability? Also,
[00:09:14] numerically, the opposition today is more powerful and will be
[00:09:18] more present numerically and critically
[00:09:22] as well. So today there is a majority of around
[00:09:24] 207, and there is also a very strong opposition.
[00:09:28] This may pose a threat
[00:09:30] today to the government having
[00:09:34] greater freedom in making decisions, especially with regard to
[00:09:38] passing a set of laws in Parliament. And we know that sometimes there
[00:09:41] are absences, and therefore the government will be required
[00:09:45] to have its parliamentary
[00:09:48] members be more disciplined in terms of attendance,
[00:09:51] because at least this is a healthy thing. Of course, this is a healthy thing, because today,
[00:09:55] with the threat of the opposition numerically, it is possible
[00:09:58] that sometimes, if there is no strong presence from the government's
[00:10:01] representatives and the majority, the balance could shift in favor of the opposition,
[00:10:05] especially today after the National Rally of Independents, which has
[00:10:09] almost 67 seats, joined, in addition to the Justice and Development Party with 50
[00:10:12] seats, in addition to the Left with eight seats. This means
[00:10:16] we have a strong opposition with more weight and presence, and I believe that even their voice
[00:10:20] will be higher than the government's. Therefore, the government
[00:10:26] into account, and I believe that even the presence of a leftist component
[00:10:29] with a strong political weight and historical legitimacy
[00:10:32] may provide the government with tools and mechanisms to confront
[00:10:36] this opposition more effectively. The good thing is that we have a strong
[00:10:40] opposition and we also have a strong government majority, and I believe
[00:10:44] this will be in favor of developing political debate, in favor of
[00:10:47] developing mechanisms for monitoring and following up on government work. So today,
[00:10:51] I believe that the mechanisms are available for both the government
[00:10:55] and the opposition to carry out their roles. It remains to accelerate the transition to the implementation
[00:10:59] phase. I believe things have gone smoothly so far, with no blockages
[00:11:02] or obstacles regarding the formation of the government so far. The opposition
[00:11:06] is waiting to see what these consultations and government formations
[00:11:10] will result in, and the stages that will constitute an initial clash between the opposition
[00:11:14] and the government today, the draft financial law. So we are eagerly awaiting
[00:11:17] the start of these sessions and the discussion of
[00:11:22] in the Moroccan Parliament. After the elections and
[00:11:26] the decision on the composition of the majority, the political stage moves
[00:11:30] to achieve. What needs to change in government
[00:11:34] practice so that citizens feel
[00:11:37] the political scene has actually reflected on their daily lives? I believe that there are
[00:11:41] two levels: the first level is political communication, as I mentioned.
[00:11:44] The government should not work without communicating. It must communicate
[00:11:49] the media and have the ability
[00:11:52] to translate its achievements into data that citizens
[00:11:55] and the media can view. This was one of the shortcomings
[00:11:59] of the previous government. So I believe today, with
[00:12:02] two leftist components with political weight and the ability
[00:12:06] to advocate, we can
[00:12:09] issue that characterized the government during the past year. But another thing is that citizens
[00:12:13] need to feel it, not just feel the slogans,
[00:12:17] the discourse, the data and the statements. No, they want
[00:12:21] to actually feel what has changed, what has been reflected
[00:12:24] in their monthly salary. Is there an increase in their monthly
[00:12:27] income? Is there a reduction in prices? Is there an improvement in purchasing
[00:12:31] power? Is there an improvement
[00:12:34] in the quality of services in health and education? This is what citizens want
[00:12:37] to feel. If we had good
[00:12:41] at this level, of course,
[00:12:45] work in the political scene, and we can hope that political participation will be
[00:13:05] Representatives will hold a plenary session dedicated to electing
[00:13:08] the Speaker of the House. A statement from the temporary
[00:13:11] Speaker of the House of Representatives, Abdelaziz Abba, clarified that this session,
[00:13:15] scheduled in accordance with the provisions of Article 62 of the Constitution
[00:13:18] and Article 48 of the Internal
[00:13:22] 3:00 p.m.
[00:13:31] In implementation of the royal high instructions, the
[00:13:35] Directorate General of Information Systems Security, affiliated with the National
[00:13:40] is organizing, from today until October 14th, the National
[00:13:43] Cybersecurity Week. The session is organized under the slogan
[00:13:47] "Cybersecurity in the Service of Digital Transformation and Development" and discusses a number of
[00:13:51] important axes within the framework of exchanging experiences and expertise, Sihem.
[00:13:59] In light of the continuous acceleration of digital transformation and the increasing threats and electronic
[00:14:02] attacks, cybersecurity emerges
[00:14:05] as one of the strategic stakes
[00:14:08] to ensure the security of states, protect data and vital
[00:14:11] infrastructure. During the proceedings of this session,
[00:14:15] discussions focused on how to enhance digital governance and build
[00:14:20] confronting increasing cyber risks.
[00:14:22] Cybersecurity
[00:14:30] constitutes
[00:14:33] a fundamental pillar for the success of digital transformation, amidst increasing cyberattacks and accelerating use of artificial intelligence. This
[00:14:37] necessitates that states enhance data protection and develop
[00:14:41] mechanisms to counter digital threats. The topic of distinction
[00:14:44] is the cornerstone, and based on it, people start using these things and these
[00:14:48] technologies. There must be trust, and this trust is achieved by providing
[00:14:52] cybersecurity. As long as residents of any
[00:14:55] country are confident that their data is secure
[00:14:59] and safe, they will start using these things. Therefore,
[00:15:03] cybersecurity is considered a fundamental issue in any
[00:15:07] session revolved around a number of issues, including digital sovereignty
[00:15:11] and the protection of information systems, in addition to
[00:15:14] a number of challenges posed by the increasing use of artificial intelligence
[00:15:18] and modern
[00:15:19] technologies.
[00:15:25] At the African level, we need to strengthen cooperation among
[00:15:28] different sectors, including government institutions,
[00:15:32] and exchange expertise and experiences to confront
[00:15:35] cyber threats. Protecting one country is not enough
[00:15:39] if threats originate from a neighboring country, which makes
[00:15:43] regional coordination and cooperation a necessity to effectively
[00:15:46] confront these risks. Between the opportunities of technology
[00:15:49] and its risks,
[00:15:52] cybersecurity affirms its position as a fundamental element
[00:15:56] in protecting digital sovereignty, which makes
[00:15:59] enhancing international cooperation and developing specialized
[00:16:01] competencies two main axes in confronting cybercrimes
[00:16:04] that have transcended geographical boundaries
[00:16:08] and require continuous coordination between
[00:16:10] states.
[00:16:20] Internationally, the UN High Commissioner for Human Rights
[00:16:23] today urged to avoid another catastrophe after the attack on
[00:16:27] Riyadh Airport, noting that continued fighting would
[00:16:30] only lead to more suffering. Following recent Houthi
[00:16:33] attacks, Saudi Arabia announced the extension of the suspension of operations at Riyadh
[00:16:37] Airport without specifying a date for resuming operations. Developments
[00:16:41] on the file with Al-Hay
[00:16:42] Nasr.
[00:16:46] The Saudi-Yemeni crisis enters its most dangerous and complex
[00:16:49] phase in a decade, having crossed all red
[00:16:52] lines after the Houthis targeted vital Saudi infrastructure,
[00:16:55] specifically airports and energy facilities. Saudi
[00:16:59] authorities announced today the extension of the Riyadh airport's closure, which was subjected
[00:17:03] on Saturday to a series of direct missile strikes that
[00:17:06] resulted in the death of 18 people and the injury of more than
[00:17:10] 300 others of various nationalities, followed by another
[00:17:13] attack yesterday, Sunday, which resulted
[00:17:16] in additional casualties. The General Authority
[00:17:20] of Civil Aviation of Saudi Arabia announced today in a statement
[00:17:23] the extension of the suspension of operational activities at King Khalid International Airport
[00:17:26] in Riyadh, in order to complete the necessary procedures to verify
[00:17:30] the safety of the airport's facilities and its operational
[00:17:32] readiness, without specifying a date for resuming
[00:17:35] its operations. The Houthi attack was condemned by the UN Security
[00:17:39] Council and the UN Secretary-General in the strongest terms,
[00:17:43] considering the targeting of civilian facilities in Saudi Arabia a blatant
[00:17:46] violation of international law and an escalation that pushes the region
[00:17:49] towards a comprehensive war. In Washington, the administration
[00:17:53] of President Trump hinted at the possibility of considering options for direct
[00:17:56] military intervention or a qualitative response to the Kingdom of Saudi
[00:18:00] Arabia following the fall of American casualties in the airport attacks,
[00:18:03] while the UN High Commissioner for Human Rights urged to avoid another
[00:18:07] catastrophe after the attack on Riyadh Airport, noting that
[00:18:11] continued fighting would only lead to more
[00:18:14] suffering.
[00:18:17] Four Palestinians were killed and others injured as a result
[00:18:21] of an Israeli warplane air raid south of the Gaza
[00:18:25] Strip that targeted a shipping point in the southern Al-Burak
[00:18:28] area west of Khan Younis. According to sources,
[00:18:31] hospitals in the strip received seven fatalities
[00:18:35] and 16 injured during the past 24 hours.
[00:18:44] Americans Robert Hall and Michael Woodford
[00:18:48] won the Nobel Prize in Economics today for their work on how
[00:18:51] to use monetary and fiscal policies to achieve greater
[00:18:55] stability in the economy and reduce the fluctuations that disrupt it. The researchers
[00:18:59] developed new models for dealing with periods of recession and other
[00:19:03] to traditional tools. The researcher developed new models for macroeconomics
[00:19:07] that enhanced the ability to apply effective policies
[00:19:11] to achieve stability. We return to the developments of the national
[00:19:24] political arena, especially the process of forming the next government.
[00:19:28] The meeting of the Political Bureau of the Democratic Movement Party decided
[00:19:31] today to adopt the option of supporting
[00:19:35] the next government. The proceedings of the Political Bureau meeting were followed by
[00:19:39] Rachid Ken and Al-Mahdi.
[00:19:41] The Political Bureau members discussed the developments in the national
[00:19:45] political arena and evaluated the results of the consultations
[00:19:48] conducted by the Secretary-General of the Democratic Movement Party with the head
[00:19:52] of the government entrusted with forming the next government. These were two
[00:19:56] main axes that the members of the Political Bureau of the party discussed,
[00:19:59] through evaluating the various political data and programs
[00:20:03] and taking into account the supreme interest of the nation. The Political Bureau of the
[00:20:06] Social Movement Party decided to adopt the option of support
[00:20:10] as a responsible political stance that combines
[00:20:15] initiatives and measures that serve the nation
[00:20:18] and citizens. After
[00:20:22] matter, it became clear to us
[00:20:26] situation in Morocco, where for the first time a woman heads
[00:20:30] the government, and also in consultation with the
[00:20:33] Constitutional Union Party, which we established with a joint team.
[00:20:37] So, it was agreed that we would go for support. The Political Bureau
[00:20:43] choice does not mean abandoning the party's oversight role or compromising
[00:20:47] on principles, but rather relies on supporting social
[00:20:52] and economic initiatives, and this gives us hope that
[00:20:55] there will indeed be good performance from the next
[00:20:59] government, especially since
[00:21:02] there are great expectations and challenges
[00:21:05] awaiting the Kingdom. So we hope that it will be tangible
[00:21:09] on the ground, and the party will assess the performance during the first
[00:21:12] year to see if it will continue in this
[00:21:16] experience or review its decision. So we hope
[00:21:20] sincerely that it succeeds and that
[00:21:22] our support will also be taken into consideration,
[00:21:27] in the coming months we will feel that there
[00:21:30] is indeed a change for the Moroccan citizen. The Political Bureau
[00:21:34] concluded by emphasizing that national interest and citizen
[00:21:37] expectations will remain fundamental determinants
[00:21:40] of its political positions and decisions, upholding the independence
[00:21:44] of its party decision and continuing to contribute to the development of institutional
[00:21:47] work and enhancing confidence in economic
[00:21:50] affairs.
[00:21:53] In light of global economic transformations
[00:21:56] and currency market fluctuations, the Moroccan dirham faces
[00:21:59] pressures related to foreign trade developments,
[00:22:02] import costs, and international currency movements,
[00:22:07] on the Moroccan economy and citizens' purchasing power.
[00:22:12] on the dirham, and to what extent can the national economy face
[00:22:16] these challenges? The answer is in Hassan Zaki and Abd al-Rahman's report.
[00:22:25] according to a basic rule, which is supply and demand, where the increase
[00:22:28] in demand for foreign currencies to finance imports
[00:22:31] versus slower or lower inflows
[00:22:34] of hard currency leads to pressure on the national
[00:22:37] currency. The dirham witnessed an unusual
[00:22:41] decline in its value, both in its intensity
[00:22:44] and duration, since weeks ago.
[00:22:47] The pressure came for several
[00:22:51] reasons. We have the first internal reason, which is
[00:22:54] the trade balance. Between January 1,
[00:22:57] 2026, and August 30
[00:23:01] last year, it is known that there was
[00:23:04] a deficit that increased and worsened, so that we bought the equivalent
[00:23:08] of 617 billion dirhams, but we only sold 334 billion
[00:23:12] dirhams abroad, meaning there is a deficit of almost
[00:23:15] 82 billion dirhams, half. So we don't have enough to
[00:23:19] pay for the increase in our
[00:23:23] imports. They are affected
[00:23:26] by two factors. First, the rise
[00:23:28] of the dollar affecting
[00:23:32] As you know, the rise is
[00:23:36] related to this war between the United Arab Emirates
[00:23:39] and almost the closure
[00:23:42] of the Strait of Hormuz. This is the first
[00:23:45] point. The second point is the interest
[00:23:48] rate for the European
[00:23:56] exerted by imports on the dirham, Morocco has important
[00:23:59] sources of hard currency, primarily tourism
[00:24:02] and remittances from Moroccans living abroad, in addition to exports
[00:24:06] and foreign investments, as well as hard currency reserves.
[00:24:10] Mechanisms that can alleviate this pressure on the national
[00:24:13] currency.
[00:24:16] But this pressure does not mean that we are in a currency crisis. No.
[00:24:22] And secondly, Morocco can face it because it has
[00:24:24] three cards. We have hard currency reserves
[00:24:28] currently held by Bank Al-Maghrib,
[00:24:31] approximately between 43 and 45
[00:24:35] billion dollars, which is equivalent to about six months of imports.
[00:24:39] So we have a sense of security to cover all import
[00:24:42] scenarios. Then, secondly, tourism revenues
[00:24:46] up to August 30 increased by approximately
[00:24:49] 9%, reaching 98
[00:24:52] billion dirhams. And also the revenues and remittances
[00:24:56] of Moroccans residing abroad also increased
[00:25:00] reaching 89 billion
[00:25:04] dirhams as of August
[00:25:07] the dollar or the euro does not automatically mean that the dirham will lose
[00:25:11] its value sharply. The Moroccan dirham operates within
[00:25:15] a flexible exchange rate
[00:25:18] to a basket of currencies with a margin. Bank Al-Maghrib plays an important
[00:25:22] role in managing monetary policy and the exchange
[00:25:25] market. And thank God, Bank Al-Maghrib
[00:25:28] is managing things professionally and has set
[00:25:31] a French tunnel,
[00:25:34] from which Bank Al-Maghrib enters because, thank God, if we look
[00:25:37] at Morocco's hard currency resources, we have approximately
[00:25:41] 50 billion dollars, 504 billion dirhams.
[00:25:45] But these external
[00:25:48] the exchange rate
[00:25:51] of the dirham, which depreciated against
[00:25:54] the dollar and against the euro. Between the port
[00:25:57] and the package, and between the import bill and tourism revenues
[00:26:00] and remittances from Moroccans abroad, the exchange market
[00:26:04] puts pressure on the dirham. This is not the result of a single
[00:26:07] factor, but rather a reflection of the overall balance between
[00:26:10] the inflows and outflows
[00:26:13] economy. In this equation, the strength of external
[00:26:17] flows, the level of reserves, and the exchange rate management
[00:26:21] mechanisms remain essential elements for maintaining
[00:26:25] the stability of the national
[00:26:29] topic, we are joined directly from the city
[00:26:32] of Tangier by Professor Rachid Sari, an analyst.
[00:26:35] Economist and Head of the
[00:26:41] currency and energy price fluctuations and geopolitical
[00:26:44] tensions, what
[00:26:48] limit the transfer of these international pressures to the exchange
[00:26:51] market and import
[00:26:52] costs?
[00:27:05] is a result of the increase in energy materials,
[00:27:07] as well as tensions at
[00:27:10] the Bab al-Mandab Strait and also the Strait of Hormuz,
[00:27:14] as well as the rise in prices of raw materials
[00:27:18] and energy materials. Morocco's energy bill is almost more than
[00:27:21] 90%. However,
[00:27:24] this was mentioned in the report, your report, Professor Maryam.
[00:27:27] There are very important factors
[00:27:31] that make the pressure not large. Perhaps
[00:27:34] years ago, all the talk
[00:27:38] issue. In these circumstances, we would say that
[00:27:41] the Moroccan dirham will be exposed
[00:27:44] to a significant decline or fluctuations that we
[00:27:47] would feel. But today, the situation is that we find
[00:27:51] that the coverage rate or months
[00:27:54] of coverage is almost six months.
[00:27:58] Moreover, today
[00:28:01] hard currency that reaches 500
[00:28:05] billion dirhams. In addition to this, we note
[00:28:07] that there are two sectors that we can say
[00:28:10] are experiencing continuous activity
[00:28:14] and also on the rise. Notice with me
[00:28:18] that when we talk about the tourism sector, years
[00:28:21] ago we did not exceed 100 billion dirhams.