Central Bank Governor of the Year, Middle East & North Africa

Abdellatif Jouahri, Morocco

  • By GlobalMarkets
  • 12 Oct 2018
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Growth allied to stability give IMF confidence

Morocco’s strength is often overlooked. Investors looking in see an economy projected by the central bank to expand by 3.5% this year and 3.1% in 2019 as well as a narrowing current account deficit, rising foreign exchange reserves and a low rate of unemployment.

It has not suffered a recession since the global financial crisis and its best days appear still to be ahead of it, with the IMF tipping the economy to be growing at closer to 5% a year by 2023.

At the heart of the growth-and-stability story is the veteran financial policymaker Abdellatif Jouahri, now well into in his 16th year as governor of Bank Al-Maghrib.

On the central bank chief’s agenda are keeping inflation at or below its current rate of around 2%, expanding the private sector, boosting social inclusion and sucking in more long term foreign direct investment.

In September 2018, Bank Al-Maghrib kept its benchmark interest rate unchanged at 2.25% saying borrowing costs were consistent with growth prospects and inflation targets.

TWIN AIMS

The North African nation has two main stated aims. The first is to transform itself into the region’s leading business hub in large part by investing in physical infrastructure, industrial innovation and skills training. And the second is to allow the dirham to fully float. The latter is a much longer term aim: Jouahri reckons the process may take up to 15 years. But Morocco has already taken its first step, allowing its currency from January 2018 to trade 2.5% on a daily basis above or below the official peg. The move is designed to give the economy more protection from external shocks, raise competitiveness and boost exports and tourism revenues.

  • By GlobalMarkets
  • 12 Oct 2018

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 292,949.42 1319 8.57%
2 Citi 265,535.93 1117 7.77%
3 Bank of America Merrill Lynch 227,284.63 931 6.65%
4 Barclays 209,745.10 848 6.14%
5 Goldman Sachs 168,889.20 700 4.94%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 34,500.40 147 7.60%
2 Credit Agricole CIB 33,214.96 138 7.32%
3 JPMorgan 24,833.56 67 5.47%
4 Bank of America Merrill Lynch 23,368.44 65 5.15%
5 SG Corporate & Investment Banking 22,509.71 104 4.96%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9,157.42 55 10.33%
2 Morgan Stanley 8,122.33 40 9.16%
3 Goldman Sachs 7,432.91 40 8.38%
4 Citi 6,426.54 47 7.25%
5 UBS 4,913.18 26 5.54%