No need to devaluate Morocco's currency, minister

The Moroccan economy and finance minister has ruled out the possibility of devaluating Morocco's currency, the dirham.

"Presently, inflation is under control and the currency reserves are good, hence, we don't need to devaluate or re-assess our currency," Fathallah Oualalou told a Moroccan weekly.

Inflation in Morocco stands at 0.7% and trade deficit is expected to be at 2.8% this year, he said.

Ten Moroccan dirhams are worth one U.S. dollar.

The minister deplored that Morocco's major economic flaw resides in the inability to ensure a regular growth rate, which remains largely dependent on the state of agriculture and weather fluctuations.