These assets would increase to 318.6 billion dirhams for next year, i.e. 7 months of imports of goods and services and this, taking into account the expected flows of external financing from the Treasury, noted Jouahri during a press briefing held via teleconference at the end of the first quarterly meeting of the BAM board for 2021.

He recalled that the outstanding ORA reached 320.6 billion dirhams in 2020, representing the equivalent of 7 months and 16 days of imports of goods and services, impacted among other things by the increase in external drawings.

In addition, Jouahri stressed that foreign direct investment (FDI) receipts are expected to be around 3.2% of gross domestic product (GDP) after falling to 2.4% in 2020.

Travel receipts, for their part, will experience, under the assumption of a gradual increase in arrivals of foreign tourists as of the second half of this year, a moderate increase while remaining well below the pre-crisis levels, he said.

As for the real effective exchange rate, it appreciated by 0.8% in 2020, but should depreciate by the same rate in 2021 and by 0.6% in 2022, the consequence of a level of domestic inflation below that of partner countries and commercial competitors, said the governor of BAM.

During this meeting, the BAM Board considered that the stance of monetary policy remains largely accommodative, ensuring adequate financing conditions. It noted that the current policy rate is appropriate and decided to keep it unchanged at 1.5%.