Monday, July 23, 2018 | ePaper

Morocco to begin gradual liberalisation of dirham

  • Print
AFP, Rabat :
Morocco will start a gradual and controlled liberalisation of its currency the dirham from Monday, Prime Minister Saad-Eddine Al-Othmani said after a cabinet meeting.
The North African country has had a fixed exchange rate regime for the dirham since the 1970s. It is pegged to the euro and the dollar.
Othmani spoke to AFP on Friday after a cabinet meeting during which the long-expected decision was taken.
The process of moving towards what the authorities call a "flexible exchange rate" had been expected to begin in July after a recommendation by the International Monetary Fund.
But the move was delayed with the government arguing that it needed more time to study the procedure.
Officials have stressed that there would be no devaluation of the dirham.
The finance ministry said in a statement on Friday that Bank Al-Maghrib, the country's central bank, will "continue to intervene on the exchange market to ensure liquidity".
The World Bank said in a report in April that the "gradual move to a more flexible exchange rate regime" should "help strengthen Morocco's competitiveness".
It said the outlook for the country's economy was expected to improve, provided that the government remains committed to "pursuing prudent macroeconomic policies and implementing structural reform".
Earlier this year, Moroccan media said full liberalisation of the dirham would take up to 15 years.

More News For this Category

South Bangla Agriculture & Commerce (SBAC) Bank Ltd, organised a day-long workshop on 'Prevention of Money Laundering and Combating Financing of Terrorism' at Lockpur Group Auditorium in Fakirhat recently. S M Amzad Hossain, Chairman of the Bank inaugurated the workshop. Among others, The bank's Additional Managing Director Mostafa Jalal Uddin Ahmed, SEVP and Head of International Division Shafiuddin Ahmed, Bangladesh Bank Joint-Director Md. Alauddin Hossain and Sheikh Shahriar Rahman, SVP S M Iqbal Mehedi and CCUC Md. Limon Shikdar also were present the workshop.

South Bangla Agriculture & Commerce (SBAC) Bank Ltd, organised a day-long workshop on 'Prevention of Money Laundering and Combating Financing of Terrorism' at Lockpur Group Auditorium in Fakirhat recently. S M Amzad Hossain, Chairman of the Bank inaugurated the workshop. Among others, The bank's Additional Managing Director Mostafa Jalal Uddin Ahmed, SEVP and Head of International Division Shafiuddin Ahmed, Bangladesh Bank Joint-Director Md. Alauddin Hossain and Sheikh Shahriar Rahman, SVP S M Iqbal Mehedi and CCUC Md. Limon Shikdar also were present the workshop.

.

SJIBL organizes "Half-Yearly Business Conference-2018"

Business Desk :Shahjalal Islami Bank Limited (SJIBL) organized "Half-Yearly Business Conference-2018" at Le Meridien Dhaka on Saturday, said a press release. Managing Director and CEO Farman R Chowdhury presided

Tofail off to Japan

Business Desk :Commerce Minister Tofail Ahmed on Sunday left here for Japan to boost bilateral trade and investment as well as economic cooperation.During the six-day visit, he would meet

Mohammed Mahtabur Rahman, Chairman of NRB Bank Limited, inaugurating the operations of Bondhu Agent Banking on Sunday. Md. Mehmood Husain, Managing Director, Imran Ahmed, FCA, Chief Operating Officer, Milton Roy, Head of Agent Banking Division, and local elites Zahur Uddin, Haji Akhter Hossain Khan Zahid . Bondhu Agent is expected to bring huge number of non-banking population of the country under the banking network and ensure financial inclusion.

Mohammed Mahtabur Rahman, Chairman of NRB Bank Limited, inaugurating the operations of Bondhu Agent Banking on Sunday. Md. Mehmood Husain, Managing Director, Imran Ahmed, FCA, Chief Operating Officer, Milton Roy, Head of Agent Banking Division, and local elites Zahur Uddin, Haji Akhter Hossain Khan Zahid . Bondhu Agent is expected to bring huge number of non-banking population of the country under the banking network and ensure financial inclusion.

.

ICAB organize confce on IASB

ICAB organize confce on IASB

Business Desk :The Institute of Chartered Accountants of Bangladesh (ICAB) organized a Members' Conference on 'The Conceptual Framework for Financial Reporting as issued by the International Accounting Standards Board

Abnus Jahan made DMD of Sonali Bank

Abnus Jahan made DMD of Sonali Bank

Business Desk :Md. Abnus Jahan has joined as Deputy Managing Director in the largest state owned Sonali Bank Limited on 25, May 2018, said a press release. Prior to

Disaster can cause economic loss if not managed properly

Business Desk :Speakers at a programme said disaster can cause massive damages to lives and properties, resulting in great economic loss to the nation if it is not managed

Stocks open the week upward

Economic Reporter :Stocks opened the week upward today as all indices on the country's two bourses- the Dhaka Stock Exchange (DSE) and the Chittagong Stock Exchange (CSE)- gained marginally.Turnover,

Beximco Pharma commences export of 4th product to US

Beximco Pharma commences export of 4th product to US

Business Desk :Bangladeshi pharmaceutical conglomerate, Beximco Pharmaceuticals Limited, has started the export of extended release Metformin Hydrochloride (500mg and 750mg) to the market of United States.  This is Beximco's

Syed Mahbubur Rahman, Managing Director of Dhaka Bank Limited and Md. Shafiul Islam (Mohiuddin) Managing Director of Onus Group and President of FBCCI are seen exchanging the MoU of Payroll Banking Services at the Bank's Head Office recently.  Khan Shahadat Hossain, Deputy Managing Director, along with other high officials of the Bank was present at the signing ceremony. Under this MoU, the Bank will provide Payroll Banking Services to the employees of Onus Group including all concerned of the group.

Syed Mahbubur Rahman, Managing Director of Dhaka Bank Limited and Md. Shafiul Islam (Mohiuddin) Managing Director of Onus Group and President of FBCCI are seen exchanging the MoU of Payroll Banking Services at the Bank's Head Office recently. Khan Shahadat Hossain, Deputy Managing Director, along with other high officials of the Bank was present at the signing ceremony. Under this MoU, the Bank will provide Payroll Banking Services to the employees of Onus Group including all concerned of the group.

.