Welcome to this week’s edition of our Weekly Risk Watch, where we provide concise insights into economic indicators, political developments, and security updates that may affect your business or daily life.
Economy and Markets
- Counterfeit banknotes detected during the past year amounted to 6,290 banknotes, according to the 2023 report by the central bank.
- Morocco’s banking landscape is seeing a sharp decline in physical bank branches and a corresponding increase in automated banking windows, according to the central bank.
- Investigations have been launched into public officials in Casablanca-Settat and Marrakech-Safi for allegedly amassing wealth through real estate ventures, potentially exploiting their positions and confidential information.
- The Moroccan Interior Ministry is investigating companies linked to the wives of local government officials who have benefited from public contracts, raising concerns about corruption and the misuse of public funds.
- Bank Al-Maghrib’s Banking Supervision Directorate warned banks of increasing, well-planned fraud schemes targeting bank branches, resulting in significant financial losses, exposing vulnerabilities in fund and money transaction monitoring systems.
- Auditors are investigating potential fraud in Morocco’s “Intilaaqah” program, examining bank loan procedures and facing complaints from rejected applicants, raising concerns about financial mismanagement.
- Morocco’s unemployment rate climbed to 13.1% in Q2 2023, with youth, graduates, and women disproportionately affected, driven by a loss of 82,000 jobs, primarily in rural areas, according to the High Commission for Planning.
- Morocco’s interest rates surged by 112 basis points since the start of monetary tightening in late 2022, impacting both individuals and businesses, posing risks of increased borrowing costs and potential economic slowdown,according to the central bank.
- Morocco’s cafe, restaurant, and tourist unit federation is urging the government to cancel bank account seizures, waive penalties, and allow installment payments for struggling businesses facing economic hardship, adding financial strain on the government.
Political Stability
- The Moroccan Ministry of the Interior has instructed the removal of long-serving department heads in Casablanca-Settat, Tangier-Tetouan-Al Hoceima, and Draa-Tafilalet regions due to alleged corruption and mismanagement.
- Authorities in Beni Mellal on Wednesday blocked a planned human rights protest against the deaths of 21 people, raising concerns about freedom of assembly.
- Moroccan lawyers protested a controversial civil procedure law draft on Saturday, July 27, calling it a “legal and constitutional setback” and demanding its withdrawal, highlighting concerns about the impact on the legal profession and the justice system.
- Moroccan organizations have mobilized protests in 30 cities across the country today, denouncing the assassination of Hamas leader Ismail Haniyeh, with the risk of escalating tensions and potential unrest.
- Residents of Tamlalt and surrounding areas in El Kelaa des Sraghna Province staged a protest june 29, blocking the Kelaat Sraghna-Marrakech road to demand an immediate water supply.
- A recently signed agreement between Moroccan health sector unions and the government may be short-lived as unexpected wage deductions for striking workers have reignited tensions, threatening to escalate protests.
- Moroccan judicial commissioners are set to launch a two-day warning strike on August 7th and 8th to protest proposed reforms.
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