Macroeconomic Forecast Morocco

Over the past year, balance of payment stability in Morocco has been called into question by a combination of elevated imported commodity prices, anaemic external demand and weak inflows of foreign direct investment (FDI), which have caused the central bank's stock of foreign currency reserves to decline at an alarming rate. While we hold to our view that a dirham devaluation will be avoided, we stress that the risks to this view are far from negligible.

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