{"id":199905,"date":"2021-06-23T21:56:27","date_gmt":"2021-06-23T21:56:27","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=199905"},"modified":"2021-06-23T21:56:27","modified_gmt":"2021-06-23T21:56:27","slug":"morocco-flotation","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/morocco-flotation\/","title":{"rendered":"Will Morocco move to new phase of flotation?"},"content":{"rendered":"

The government of Morocco does not intend to move to a new phase of local currency flotation, according to the Moroccan Central Bank.<\/p>\n

“Morocco will not move to another phase of flotation, until the necessary conditions are met,” said Abdellatif Al-Jawahiri, the governor of the Moroccan Central Bank.<\/p>\n

Al-Jawahiri did not disclose the nature of the conditions that must be met in order to resume floating the local currency.<\/p>\n

Currency flotation<\/strong><\/h2>\n

Morocco began floating its domestic currency in January 2018. The country allowed the dirham exchange rate to move by a margin of 2.5%, up or down, against the euro and the US dollar.<\/p>\n

The decision is the first stage for the full float over a period of 10 years.<\/p>\n

On March 9, 2020, Morocco began implementing the second phase of flotation, expanding the margin of movement to 5%, up or down.<\/p>\n

\u201cMorocco rejects the position of the International Monetary Fund, which urged accelerating the flotation of the exchange rate of the dirham, and moving towards direct flotation,\u201d Al-Jawahiri said.<\/p>\n

He added, \u201cwe are the ones who will decide when we will implement the new phase of flotation, not the International Monetary Fund\u201d.<\/p>\n

In a report issued on January 24, 2019, IMF experts recommended that the Moroccan authorities should not delay expanding the scope of the flotation.<\/p>\n

Earlier on Tuesday, the Moroccan Central Bank decided to keep the main interest rate unchanged at 1.5%. The decision came to mitigate the repercussions of the pandemic on the economy.<\/p>\n

World Bank loan<\/strong><\/h2>\n

In another context, in early June, the World Bank<\/a> gave the green light to grant Morocco a loan of $450 million. The bank said it aims at enhancing access to financial and digital services.<\/p>\n

The World Bank indicated that the loan is the second for financing development policies for financial and digital inclusion, in a series of three loans.<\/p>\n

All are aimed at expanding the provision of financial services and digital infrastructure to individuals and business institutions, the bank said.<\/p>\n

\u201cThe coronavirus crisis has had a disproportionate impact<\/a> on the most vulnerable and needy groups, including women, youth, informal workers and smaller businesses,\u201d said Jesko Hentschel, World Bank Director for the Maghreb and Malta.<\/p>\n","protected":false},"excerpt":{"rendered":"

The government of Morocco does not intend to move to a new phase of local currency flotation, according to the Moroccan Central Bank. “Morocco will not move to another phase of flotation, until the necessary conditions are met,” said Abdellatif Al-Jawahiri, the governor of the Moroccan Central Bank. Al-Jawahiri did not disclose the nature of […]<\/p>\n","protected":false},"author":4,"featured_media":199906,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[278,895],"class_list":["post-199905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-featured","tag-morocco"],"yoast_head":"\nWill Morocco move to new phase of flotation? | BNReport<\/title>\n<meta name=\"description\" content=\"BNReport - The government of Morocco does not intend to move to a new phase of local currency flotation, according to the Moroccan Central Bank.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/morocco-flotation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Will Morocco move to new phase of flotation? 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