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Since the mid-1980s tourism and associated services have been an increasingly significant sector of the Moroccan economy and by the late 1990s had become Morocco's largest source of foreign currency. During that time the Moroccan government committed significant resources – by way of loans and tax exemptions – to the development of the ...
The exchange rate of the Moroccan dirham is determined within a band of fluctuation of ± 5 percent compared to a central rate established by the central bank of Morocco on the basis of a currency basket composed of the euro and United States dollar by up to 60% and 40% respectively. [2] [3]
Favourable rainfalls have led Morocco to a growth of 6% for 2000. Formidable long-term challenges included: servicing the external debt; preparing the economy for freer trade with the European Union; and improving education and attracting foreign investment to improve living standards and job prospects for Morocco's youthful population.
The euro is a major global reserve currency, the second most widely held international reserve currency after the U.S. dollar. [59] Inheriting this status from the German mark , its share of international reserves has risen from 23.65% in 2002 to a peak of 27.66% in 2009 before declining due to the European debt crisis , with Russia and Eastern ...
Morocco's trade imbalance rose from $86 billion to $118 billion dirhams between 2006 and 2007 – a 26.6% increase bringing the total amount to 17% of GDP. The Caisse de dépôt et de gestion forecasts that if imports continue to rise faster than exports, the disparity could reach 21% of GDP. Foreign Trade Minister Abdellatif Maâzouz said ...
For example, in a conversion from EUR to AUD, EUR is the fixed currency, AUD is the variable currency and the exchange rate indicates how many Australian dollars would be paid or received for 1 euro. In some areas of Europe and in the retail market in the United Kingdom , EUR and GBP are reversed so that GBP is quoted as the fixed currency to ...
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Decree n° 1.59.233 of 30 June 1959 created the Banque du Maroc, which took over the issuance of money the next day, and replaced the State Bank of Morocco. In October, the Banque du Maroc issued a new currency, the Moroccan dirham. The Banking Act of 21 April 1967 enhanced the role of "Banque du Maroc", particularly in the field of banking ...