U.S. Treasury experts visit Morocco
Morocco-USA, Economics, 10/13/2001

Experts from the office of technical assistance of the United States department of treasury have undertaken a mission to Morocco from September 24 to October 5 to provide technical assistance to the ministry of economy, finance, privatization, and tourism and to Morocco's central bank bank al-Maghreb.

The visit focused on the excess liquidity in the domestic banking system related to the successful partial privatization of Maroc Telecom earlier this year. The aim of the mission was to provide advice on strengthening the central bank's forecasting ability with regard to commercial bank reserve levels, possible adjustments to existing monetary policy instruments, and new methods for conducting open market operation.

A statement of the US embassy in Morocco says the U.S. Treasury Experts noted that both Bank Al-Maghreb and the ministry of finance have implemented a series of impressive and effective reforms over the past several years in the areas of public debt management, capital market development, and monetary policy implementation. Among other achievements, these reforms have made interest rate determination more market-oriented.

The visit is part of a broader program of assistance being offered by the U.S. Department of Treasury under the auspices of the U.S.-North African Economic Partnership or "Eizenstat Initiative."

U.S. Treasury experts have been working with the ministry of finance and the Bank Al Maghreb over the past 18 months to build a computerized model for selecting optimal debt issuance, develop a fair, equitable and transparent pricing structure for the consolidation of small individual outstanding treasury bonds and offer advice on Morocco's sovereign credit ratings.

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