Morocco Ready for Currency Reform

Morocco’s macroeconomic indicators indicate the country is ready to introduce a flexible exchange rate, but delaying the introduction is “not a problem”, the International Monetary Fund said, Reuters reported. Morocco, the region’s biggest energy importer, has been working with a technical mission from the IMF on liberalizing its currency regime after a drop in global oil prices helped strengthen its finances. Two weeks ago, Morocco’s central bank postponed a planned announcement of the first phase of the reform for “a few days”. Last week Prime Minister Saad Eddine El Othmani said the government needed “further studies” of the liberalization plan.