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...
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