Monday, December 23

Morocco Moves Toward A Flexible Exchange Rate

Google+ Pinterest LinkedIn Tumblr +

The Japan News
AFP-Jiji

Morocco will begin the process of moving toward a flexible exchange rate system gradually in the second half of this year, the governor of the country’s central bank said Tuesday.

The North African country has had a fixed exchange rate regime for the dirham since the 1970s.

“There will be no devaluation. We are not in a situation of currency crisis,” central bank chief Abdellatif Jouahri told reporters.

“The International Monetary Fund [which has helped the Moroccan authorities in the process] did not impose anything on us. It is a voluntary decision,” Jouahri said.

Moroccan media have reported that the full liberalization of the dirham will take up to 15 years.

Share.

About Author

Comments are closed.