For him, “The CNSS must return to normal management of its reserves and investments. We simply have to return to normality and say that a plan’s investments must first be made in the interest of that plan and its members. This is an important element in the sustainability and medium-long-term balance of the plan.. This unique situation – perhaps even in the world – is detrimental to the general system.
“Imagine if the CNSS had invested 20 or 25 years ago part of its reserves in the stock market in IPOs or other special operations, or even in real estate in Casablanca…”, notes the boss of the CNSS. According to him, “The choice of CDG was justified at one time, in the 1970s when the financial markets were not organized and there was no regulator. This situation, which was justified at the time, ceased to be so for at least 25 years”.
On this subject of returning to normality in investment management, the DG of the CNSS ensures that things are progressing. However, any solution must preserve the interests of both sides. “I am quite confident that we will be able to resolve this problem rather quickly”, he argues.
In the meantime, it should be recalled that CNSS reserves deposited at CDG increased from 59.1 billion DH at the end of 2019 to 60.8 billion DH at the end of 2020, i.e. a growth of 2.8%. This increase is due to the capitalization of financial products for an amount of 2 billion DH. The rate of return on reserves deposited at CDG fell by 2.12%. For their part, the AMO reserves managed by CDG reached an amount of 2.5 billion dirhams in 2020, up 8.5%, explained by the importance of the amounts of contributions collected in 2019. In 2020 , the net rate of return on AMO reserves stands at 3.68% against 4.33% in 2019.