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Experts: Dirham exchange rate liberalization will affect the purchasing power of the Moroccan citizen


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GMT 11:12 2017 Althelaia July 18 : Last Updated
In a meeting organized by the Party of Progress and Socialism 

Experts: Dirham exchange rate liberalization will affect the purchasing power of the Moroccan citizen

Elaf Morocco Follow-up
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Abdullah al - Tigani from Rabat confirmed actors politicians and economists Moroccan yesterday evening, on the liberalization Moroccan currency dirham, which delayed government Saad Eddin Ottoman rate decision, work until further notice, involves risks and challenges several, can reflect negatively on ability purchasing Moroccan citizen and threaten future national economy.

He stressed Mtdechlon in a meeting of Progress and Socialism Party, organized under the title "questions about the drainage system in Morocco," that the country "need to open a national and frank discussion about the currency exchange system in Morocco."

Said Abdul Wahid Suhail, a member of the Political Bureau of the Party of Progress and Socialism, said that the average citizen is directly related to changes the dirham exchange rate against foreign currencies, stressing that the citizens' purchasing power will be affected because of the float DRAM "because a number of articles we import wheat, sugar, butter, cars, clothes, and if the price rose currency difficult for the dirham will have an impact. "

Suhail added that this effect "is not only linked to the exchange rate alone, but also has a relationship with competitiveness, productivity and the ability of internal market", highlighting that the liberalization of the dirham exchange rate process "aimed at itself giving local market liquidity on the foreign exchange level and pricing are linked strongly currency national and its relation to foreign currencies. "

On the government's decision to postpone the adoption of a new exchange system, Suhail said that his "relationship with the political Balzervih experienced by the country", in reference to the protests that prevailed in the countryside north of the country area, and added: "Perhaps the government saw that the subject has not been discussed sufficiently" .

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The increased operating government minister Abdul Ilah son Kieran earlier, saying, "We must understand people and understand the real significance of this, and I think this kind of decision is not necessarily define public opinion a date for its entry into force, but begins its work for a period until the media by ".

Suhail highlighted that "the Egyptian model can not be compared with Morocco," stressing that Egypt has taken "the decision to float its currency in the context of a major political crisis and people pulled their money abroad, while we (Morocco), we have an important reserve of hard currency and political stability and economic state better than the by Egypt in the conditions that prevailed. "

For his part, Hamid Ksal, an economist said he "agreed with the postponement decision because it took place several things did not expect decision-makers, including the issue of speculation that occurred a few days ago when the fear happened with banks from the value of the dirham fell because of the decision to float."

Ksal record that "the black market continues to control the currency, especially associated with the sector, the informal price", highlighting that "there is a convergence between the Moroccan and Egyptian models economists, and we have the same rule that rely on migrant workers abroad, but Egypt has suffered from political instability in exchange stability in Morocco. "

He noted the speaker that there is "a difference between floating and flexibility, Morocco is not comprehensive liberalization of the local currency decides, but plans to move to a flexible exchange rate system only, which explains the identification of Moroccan authorities for the value of capital that could emerge out of bounds, whether for tourism or investment ".

In a related context, Jelali Kenzi, an official Moroccan Ministry of Finance said, "There is no system in the world to exchange a fixed currency does not change, but changes according to the economic conditions of the country," said that "Morocco has decided to download the gradual decision to float the currency, while full flotation may take 10 years or 15 years or more. " He added, stating that "can not be determined necessary to float the local currency length of time, given the size of the shock that will face the national economy."

Morocco was announced two weeks ago, the postponement of the official announcement of the launch of the decision to float the dirham (edit exchange rate against foreign currencies), where it was scheduled, the official announcement of the transition to a flexible exchange system (floating DRAM), at a press conference, held by the Wali Bank of Morocco ( Governor of the Central Bank), Abdul Latif jeweler, Minister of economy and Finance, before announcing on "postponed".

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As scheduled to present the Minister of Economy and Finance of Morocco, gave a presentation on the "gradual transition to a flexible exchange system", during a meeting of the Council of the Moroccan government, before it announces also postponed, without mentioning why.

It announced on 20 June, Governor of the Central Bank of Morocco, that his country will adopt the decision to float the dirham formally from this July, and said that his country is available on all the guarantees for the success of the flotation, which was chosen implemented gradually in time, the country living situation financially normal and economically.

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