The return rate translates to a sum of $499 million.
Rabat – Morocco’s Pension Fund (CMR) has announced that its financial management resulted in a return rate of 5.35% for the financial year of 2019, which translates to MAD 4.11 billion ($499 million).
This rate represents an upturn compared to the year 2018, with a return rate of 4.36% and an unrealized capital gain of MAD 16.3 billion ($1.7 billion).
The pension fund revealed in a press release on Friday that the financial management outstanding amount amounted to MAD 92.2 billion ($10 billion) in 2019.
Morocco’s Pensions Fund’s declaration took place during a videoconference, chaired by the Minister of Economy and Finance, Mohamed Benchaaboun.
In this regard, the Moroccan fund expressed its satisfaction with the results of the 2019 activity, that is part of an agreement that the fund signed with the government for the period of 2018-2020.
The fund also revealed that the total of contributions in 2019 amounted to MAD 31.9 billion ($3.4 billion) and MAD 39.7 billion ($4.3 billion) of services.
In November 2019, Minister Benchaaboun announced that Morocco’s Pension Fund will pay for five university hospital centers. The move is set to generate money for the fund in the long run.
The decision falls within the framework of article 45 of the 2020 finance bill, suggesting that 15% of investments should be financed by innovative mechanisms.
On December 24, 2019, a spokesperson of the National Social Security Fund (CNSS) announced the fund’s decision to increase by 5%, the retirement pensions starting January 1, 2020.
The move consisted of the minimum increase to be MAD 100 ($10) per month.
