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The economy of Morocco is considered relatively liberal, governed by the law of supply and demand. Since 1993, in line with many Western world changes, Morocco has followed a policy of privatisation. [19] Morocco has become a major player in African economic affairs, [20] and is the 6th largest African economy by GDP (PPP).
When most of Morocco became a French protectorate in 1912 it switched to the Moroccan franc. The dirham was reintroduced on 16 October 1960. [5] It replaced the franc as the major unit of currency but, until 1974, the franc continued to circulate, with 1 dirham = 100 francs. In 1974, the centime replaced the franc.
Exchange rate arrangement (Number of countries) Exchange rate anchor Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador El Salvador Marshall Islands Micronesia Palau Panama Timor-Leste Andorra Monaco San Marino Vatican City Kosovo
In 1994, Algeria closed its border with Morocco after the Marrakech attack, which caused the number of Algerian visitors to fall considerably; there were 70,000 visitors in 1994 and 13,000 in 1995, compared to 1.66 million in 1992 and 1.28 million in 1993. In 2017, there were 10.3 million tourist arrivals, compared with about 10.1 million in ...
The Moroccan government is heavily investing in tourism development, in 2010 the government launched its Vision 2020 which plans to make Morocco one of the top 20 tourist destinations in the world and to double the annual number of international arrivals to 20 million by 2020, [164] with the hope that tourism will then have risen to 20% of GDP.
By mid-century, Morocco was in a monetary crisis caused by the decline in value of its currency. [2]: 32 Traditionally, the monetary system in Morocco consisted of a golden mithqal (مثقال), divided into ten uqiyyahs (أوقية), each of which was divided into four muzunas (موزونة), each of which was divided into 48 copper or bronze fils (فِلس).
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Morocco, officially the Kingdom of Morocco, is a country in the Maghreb region of North Africa. It overlooks the Mediterranean Sea to the north and the Atlantic Ocean to the west, and has land borders with Algeria to the east , and the disputed territory of Western Sahara to the south .