Central Bank of Morocco to trade in Euro only
The Moroccan Central Bank revealed that it intends to stop trading in the 12 European national currencies, and have all transactions take place in the union’s single currency, the Euro. The Moroccan monetary commitments toward the European Union stated that the decision will become effective as of January 2002, according to Al-Hayat newspaper.
The central bank also reported that foreign currency reserves of the Moroccan commercial banks amounted to $7.5 billion at the end of June 2001, where 40 percent of the reserves are in the Euro currency.
Total customer deposits in the county’s commercial banks was estimated at MD 257 billion ($22.47 billion) at the end of June, representing a 6.8 percent rise compared with the corresponding period in the previous year. —(Mena Report)
© 2001 Mena Report (www.menareport.com)