Rabat – The value of gold assets in Morocco increased by 12% from 2021 to reach nearly MAD 13.5 billion ($1.3 billion) in 2022, Morocco’s central bank, Bank Al Maghrib (BAM), revealed in its latest annual report.
In the report, presented to King Mohammed VI last week, BAM attributed the increase to the appreciation of the price of gold in dollars, in parallel with the depreciation of the dirham against the dollar.
According to the same report, foreign currency assets and investments in the country also increased by 7% in 2022, totaling a value of over MAD 318 billion ($32 billion), compared to around MAD 298 billion ($30 billion) a year earlier.
The report links the increase to the depreciation of the dirham against foreign currencies.
Gold, precious metals, and foreign currency assets are valued according to the exchange rates on the last working day of the financial year.
In 2022, foreign currency assets made up 64% of BAM’s assets, compared to 69% in 2021.
The report also detailed that annual average inflation stood at 0.7% in 2022, compared to 0.2% in 2021. BAM forecasts an average inflation of 1.3% in 2023, and 1.5% in 2024.
Meanwhile, gross domestic product (GDP) increased by 5.8% in 2022, after having decreased by 6.3% in 2021.
The growth can be attributed to the recovery of non-agricultural activities, as well as the continued performance of the agricultural sector which remained a key sector despite historic droughts and difficulties.
As the agriculture sector continues reckoning with the consequences of climate change and droughts, Morocco is looking to capitalize on post-COVID recovery of other sectors like tourism and trade to continue boosting its economy in the coming years.
