Economy minister pleads for maintaining control over foreign exchange
Morocco, Economics, 1/28/1999

The Moroccan economy and finance minister said lately that the recent financial crisis that rocked several countries in Asia and Latin America incites Morocco to keep on controlling the currencies exchange.

Fathallah Oualalou said at a recent meeting in Casablanca that the exchange regulations liberalization had reached a level that meets the aspirations of economic operators, foreign investors and Moroccan expatriates who send remittances to Morocco.

The liberalization of exchange regulations ushered in 1993 instituted the convertibility of Morocco's national currency (Dirham) for current operations. The liberalization also concerned some capital operations, including foreign investments and external financing operations engaged by Moroccan enterprises.

The control over exchanges, exercised by the government's Exchange Office, helps reconstitute Morocco's reserves in foreign currencies.

The control mechanism should be improved while seeing to it that it does not turn into a handicap for the promotion of exports, Oualalou said.

Receipts of merchandize exports account for 40 percent of all Morocco's receipts in foreign currencies.

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