VOL. XLIV

No. 18

30-April-2001

MOROCCO

Morocco Devalues Dirham For First Time In 11 Years

The Central Bank of Morocco on 25 April announced a 5% devaluation of the Moroccan dirham against the dollar to an average $1=MD11.5 a move unprecedented in the past eleven years. Official sources attributed the decision to a desire to secure the stability of the dirham against the euro (1=MD10.25)and to support the currency against changes in international markets. It was also thought to be have been...