Central Bank Independence

In July, the Moroccan parliament has approved a law giving full autonomy to the country's central bank, it was announced on Tuesday. Under the new proposals, the Bank Al-Maghrib will operate independently of the finance ministry, as does the European Central Bank, the Bank of England and the US Federal Reserve. However, management of the pegged exchange rate remains in the hands of the finance ministry for now. Furthermore, the new statute stipulates that macro-economic policies should be co-ordinated with the government, and a treasury consultant is to advise the

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