Morocco rules out currency devaluation

Morocco on Thursday ruled out projects to devaluate its national currency, Dirham ($ 1 = roughly 11 Dirham).

The value of the dirham "corresponds to the reality of our macro-economic balances," economy, finance, tourism and privatization minister, Fathallah Oualalou, told a meeting of economic operators in Casablanca.

A devaluation of the Dirham will have, in the long run, adverse effects, including for exporting firms, he said.

The minister was responding to mounting calls of some businessmen whose enterprises were hit by the fall of the European single currency Euro compared to the US dollar.