This change of course was recently welcomed by the Deputy Managing Director of the International Monetary Fund (IMF), Mitsuhiro Furusawa: “The recent introduction of greater exchange rate flexibility will help further strengthen Morocco’s external position, improve the economy’s capacity to absorb shocks and preserve its external competitiveness.” A view shared by the American rating agency Moody’s, which congratulated the national authorities on this decision, which “will protect foreign exchange reserves and improve its competitiveness”.
The severe disruption, and even the depreciation that had been envisaged, are not on the agenda. This mechanism, which consolidates Morocco’s strategic orientations geared towards international openness, is indeed an asset in terms of the competitiveness of the national economy.
For foreign investors, flexibility is a factor of attractiveness: the liberalisation of the capital account is a reassuring element that will certainly have an impact on foreign direct investment and thereby on the country’s economic growth. The Swiss Chamber of Commerce in Morocco, which works to develop economic relations between our two countries, welcomes this change. A change in line with our Vision, which we will support and relay to Swiss and Moroccan operators.
We take on this relay role, intended in a spirit of closeness, through various actions. At the start of this year, the Chamber organised various events, including an unprecedented operation. The CCSM welcomed to Morocco some thirty students from the Zurich University of Applied Sciences, who were able to discover the Moroccan economic environment by meeting our member companies, including Elephant Vert, ABB, Swissport, Novartis, SGS… A very instructive operation which, for these future economic players, now aware of the potential of the Moroccan ecosystem and of the opportunities existing between our two countries, could be a source of inspiration for the future!
Mehdi Benzaari
President of the CCSM