Morocco’s plan to start liberalizing its currency through a reform package strongly suggested by the International Monetary Fund is about to be launched. Reacting to the strategic step, economic operators anticipating a devaluation, started converting their assets into Euros and Dollars. Responding to that, Abdellatif Jouahri, the Central bank governor said yesterday that «the reform program does not include devaluation».
According to Fitch Ratings, Morocco’s liberalization of the Dirham would have little impact on banks. Floating the currency gradually will help secure the process as the value of the Dirham will be managed carefully by the Central bank.
Morocco is one of the leading countries in North Africa according to the 2017 Global Innovation Index. Ranked 72nd among a total of 127 states, the Kingdom’s economy is considered to be one of the most innovative ones in the MENA region.
Investors are neglecting the current situation in the northern region of Morocco as protests continue to add pressure on the country’s bond market. In an article published by Bloomberg, the latter gave a detailed explanation about the consequences that could occur due to the anti-government manifestations that broke off 6 months ago in the Kingdom.
Morocco did not leave the ECOWAS summit empty-handed as the union decided to invite King Mohammed VI to their next meeting to give its approval to Morocco’s integration. In the absence of the sovereign, the Israeli Prime Minister was the big attraction of the reunion in Monrovia.