Morocco has long been known for being a cash-poor country, with little or no private sector investment and limited access to foreign capital.
But with the economic crisis gripping much of the Middle East, the country’s most famous supermarket chain has managed to grow revenues for five consecutive years and set up its largest ever retail business in Morocco.
The company is one of a handful of companies that have thrived amid the economic and political turmoil, but its success is likely to come at a cost.
Morocco is the only country in the Arab world that has a cashless economy.
While some Western retailers, like Wal-Mart, have been slow to take up the digital trend, the fast-growing company is among the few companies in the region that have started accepting cash.
The country’s national bank has issued a circular that allows banks to accept digital payments, while online retailers like Taobao and Alibaba have also opened their doors.
Morocco’s economic woes may be partly due to the country being one of the few in the Middle-East that does not have a nationalized economy, which makes it hard to invest in infrastructure or invest in education.
In the past, Morocco has been an emerging economy, with some companies like the countrys largest bank, the National Bank of Morocco, and the National Development Bank, the central bank, providing loans to small and medium-sized enterprises.
However, with the financial crisis in the Gulf states of the region, Morocco, like many Arab countries, is struggling with its own debt crisis and is facing an acute shortage of foreign currency.
With the economy facing a severe shortage of cash, there are worries that the country could be forced to accept more cash as a means of survival.
“If we cannot use cash, then we will be facing a cash shortage and we will lose our ability to invest,” said Hadi Abboud, a marketing manager at the Moroccan retail company Luckys, which has branches in the United Arab Emirates, Kuwait, Saudi Arabia, Qatar and Kuwait.
“With the current crisis in Europe, we need to invest to survive.
If we are unable to use cash and we can’t get cash from banks, then the country is doomed.”
Luckys has become one of Morocco’s top-selling grocery brands, and has grown revenue for five straight years, from $1.5 billion in 2013 to $4.2 billion in 2019.
Luckys is one example of the Moroccan chain’s success in a region that has been grappling with an acute cash shortage.
“Our goal is to create a brand that is appealing to consumers, and we believe that we can create a success story in Morocco,” said Abbod.
“Morocco is a very dynamic economy.
The market is dynamic, and it is always changing.”
Morocco is one Arab country that is not reliant on foreign cash.
As part of its strategy to diversify its economy, the national bank in the last five years has issued numerous circulars and directives that allow banks to take digital payments.
But these are only available to small- and medium size businesses that do not have access to banks.
In fact, only about half of Morocco is classified as a cash rich country, according to the World Bank, which says that while cash accounts for around 50 percent of total spending, it accounts for less than 3 percent of the country.
The banking system has struggled to handle these large volumes of digital payments in recent years, and banks have been forced to introduce more controls to prevent financial crises and corruption.
“We had to take more measures in order to be able to cope with the huge amount of digital transactions that we had to deal with,” said Saad El-Abbas, a manager at Luckys.
“But the results have been positive.
We have been able to keep pace with the increasing volumes of transactions.”
The national bank and the bank have also increased the amount of cash that is being sent out by cash machines.
“There is an increasing amount of electronic payments coming from banks,” said Mohamed El-Erian, the bank’s general manager.
“I think that is a positive development.”
The Moroccan government is investing heavily in the digital revolution and is expected to create the world’s first digital currency in 2019, called Zara.
Zara will be the first digital cashless currency, and will be introduced to the market after the government issues its decree on digital currency.
Zraal is expected be introduced on May 1, 2019.
The Zraals will be backed by the National Savings Bank, a government agency that will create a new bank, which will issue Zraallas to banks in the country and to customers who are not using cash.
El-Zraal will allow Zraalls to be transferred to and from other bank accounts, so that customers can use Zraalle as a payment option.
The government plans to also make it possible for Zraalees to be stored in