bank al maghrib ______ annual report presented to his majesty the king _______ 2002 governor mr abdellatif jouahri government representative abderrazak lazraq inspectors mohamed mahroug brahim lisser board aziz akhennouch andré azoulay el hassan benabderrazik bijaad othman demnati saad hassar bouselham hilia abdeltif loudiyi june 2003 6 r e p o t on financial year by of your in application article 64 dahir 23 hija 1378 30 1959 i have honour present fourty fourth central 7 was characterised an unfavourable international envi ronment marked strong geopolitical tensions and unstable capital foreign exchange markets global economic growth development trade were therefore moderate especially euro area morocco s main partner this context despite national economy achie ved satisfactory results particularly terms safeguarding internal external