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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Morocco begins a long journey to liberalize exchange rates

    Rocky
    Rocky
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     Morocco begins a long journey to liberalize exchange rates Empty Morocco begins a long journey to liberalize exchange rates

    Post by Rocky Wed 17 Jan 2018, 2:52 am

    [size=30]Morocco begins a long journey to liberalize exchange rates[/size]
    17/01/2018 11:31 | Number of readings: 1
    font size:  Morocco begins a long journey to liberalize exchange rates Font_decrease  Morocco begins a long journey to liberalize exchange rates Font_enlarge
     Morocco begins a long journey to liberalize exchange rates Thumbnail.php?file=_128754_3_417843093
    [rtl]Trend Press / Agencies[/rtl]
     
     
    [rtl]Morocco's central bank announced the start of the floating decision of the dirham after the government formally approved the move a few days ago, beginning a long journey to gradually liberalize exchange rates in order to strengthen the country's economy .[/rtl]
     
    [rtl]The central bank said on Wednesday that the movement of the dirham will widen by 2.5 percent, up from 0.6 percent currently, until it is completely canceled in a process that could take up to 15 years depending on the market reaction .[/rtl]
     
    [rtl]Although some Moroccan experts doubt the success of the move, the government confirms its armament package of measures to address the potential impact of the local currency from floating under a long-term economic strategy .[/rtl]
     
    [rtl]Exchange rate liberalization is part of an IMF-supported economic reform program aimed at giving new momentum to economic growth in general and maintaining the country's financial balances .[/rtl]
     
    [rtl]The Central Bank of Morocco announced in late 2016 that the early stages of the gradual transition from the phase of currency restrictions to a flexible exchange rate will be implemented in the second half of 2017 in conjunction with other reforms, but the move was postponed .[/rtl]
     
    [rtl]"The decision to liberalize the exchange rate comes in light of the improvement in the level of foreign currency by more than 240 billion dirhams (25 billion dollars) and the rate of inflation, which fell to the limit of 0.6 percent, " Economy and Finance Minister Mohammed Boussaid said during a cabinet session on Friday .[/rtl]
     
    [rtl]Boussaid confirmed that the floating of the dirham is a structural project that will allow the Moroccan market to compete, pointing out that the postponement of the decision was aimed at providing the necessary conditions to contain the possible negative repercussions on the financial balances .[/rtl]
     
    [rtl]The government hopes the decision will help keep pace with Morocco's trade openness and financial integration by improving competitiveness, facing external shocks and reducing pressure on monetary reserves .[/rtl]
     



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