Businessmen unions laments critical situation

The Moroccan businessmen association (CGEM) has lamented that several economic sectors are facing a critical situation.

The losses have reached an unbearable level for some operators, said CGEM in its latest newsletter, adding that an accord signed with the authorities to reduce by 50 % the charges on employers was never implemented.

The over-rated Moroccan national currency (Dirham) over the European single currency (Euro) is dealing a serious blow to the country's exports, said the association, which cautioned that jobs are being lost.

The textile sector is the most vulnerable field, the CGEM said.

The Association urged the government to link the Dirham to the Euro and not to the US dollar, because some 80 % of Morocco's transactions are made with Europe.

The political and monetary authorities have to act swiftly and set up a monetary policy that will preserve Morocco's interests, the association said.