Finance minister: Morocco's Dirham currently stable, solid

Morocco's Minister of finance and privatisation, Fathallah Oulaalou, said Tuesday the national currency is currently "stable and solid."

Speaking at the chamber of advisors' question time, Oulaalou said revision of the Dirham's currency basket on April 25, 2001, had positive a impact on Moroccan economy in general and trade and funds transfer to the European Union in particular.

The official went on that Morocco's exports rose in 2003, at the exception of sea products, due to a decrease in catches.

Besides the increasing investments encouraged by privatisation, the remittances of Moroccan expatriates and tourism receipts have posted a significant rise, despite international events, which, he said, increased Morocco's reserves in foreign currencies.

Evoking the free trade agreement recently concluded with the United States, the minister said it will not affect national exports, but will rather contribute to reinforcing national exports.

The accord will have no negative effects on the national currency and trade with Europe will make 70% of the whole, he said.