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Morocco M3 growth nearly 5 percent
As credit growth accelerated and net foreign assets continued to decrease on an annual basis, Morocco’s M3 growth rose to 4.8 percent year-on-year in January, up from 4.6 percent in December. Investment firm EFG-Hermes stated in a March 1 report that the steady decline in Morocco’s net foreign assets reflects decreases in foreign remittances, foreign direct investment and exports, all of which took a hit during last year’s financial crisis. M3 is the most inclusive measure of money supply.
Real estate sales rise 48 percent
Kuwaiti real estate sales rose 48 percent in January compared to one year earlier due to high turnover in residential and investment property, according to official data released on March 3. Sales in the Gulf Arab state rose to 116.44 million dinars ($403 million) from 78.65 million dinars in January 2009, the data showed.
Residential property deals, which represent the biggest portion of total real estate transactions, were up 92 percent to 66.39 million dinars, compared to 34.59 million dinars a year earlier. Property sales, especially residential units, had been falling since the government placed restrictions in 2008 barring private firms from trading in existing houses to prevent unjustified increases in prices.
Investment property sales rose 53.1 percent to 50.05 million dinars, compared to the same month a year earlier.
Central bank resumes certificates of deposit
According to investment firm EFG-Hermes, Lebanon’s central bank – Banque du Liban –resumed the sale of Lebanese pound (LBP)-denominated certificates of deposit on March 2 to absorb excess liquidity in the banking system and maintain a 4 percent inflation rate. The bank had not sold LBP-denominated certificates of deposit since July. The bank also reduced the overnight lending rate from 3.25 percent to 2.75 percent.
Saudi cement sales grow 22 percent
Total cement sales in Saudi Arabia jumped 22 percent year-on-year to 3.54 million tons in February, versus 2.91 million tons a year earlier. However, investment firm EFG-Hermes reported on March 15 that February sales were down by 6 percent month-on-month. February cement exports increased by 8 percent month-on-month.
Syria to increase electricity capacity
According to a report dated February 24, the Syrian government has signed deals worth $5 billion for the production of 5,000 megawatts (MW) of electricity by the end of 2013. Electricity demand in the country has been growing by 8 to 10 percent annually. Estimates place the electricity deficit at 3,000 to 4,000 MW per hour.
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