Rabat - Bank Al-Maghrib, Morocco's central Bank, has announced that the country's economy is expected to grow by 5 per cent in 2015, up from a previously announced 4.4 per cent, and up from 2.5 per cent in 2014 because of improved economic activity and an expansion of agricultural output.
The quarterly report by the Bank-Al-Maghreb released on Tuesday has revealed that the country's current account deficit is expected to drop to about 4 per cent of GDP in 2015, from 5.9 per cent a year earlier boosted by lower energy bills. The bank's estimates are based on $60 a barrel in the international market.
Morocco's Central Bank has also said that Bank credits expanded by 4.3 per cent in the first two months of 2015, up from 2.2 per cent in December. They are expected to continue growing to eventually reach 5 per cent by the end of the year 2015, the Bank said.
Bank-Al-Maghrib said it is holding its benchmark interest rate at 2.5 per cent because inflation would remain under control and economy is improving thanks to a 45 per cent drop in energy spending.
Foreign reserves are expected to cover six months of imports at the end of 2015.
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