Morocco

Moody’s affirms BMCE’s deposit ratings; changes the outlook to stable from negative

Posted on by The Editorial Team
Moody’s affirms BMCE’s deposit ratings; changes the outlook to stable from negative

Casablanca, Morocco (Capital Markets in Africa)  — Moody’s Investors Service has today affirmed and changed the outlook to stable from negative on the Ba1 long-term local-currency deposit rating and senior unsecured debt rating of BMCE Bank. Concurrently, Moody’s affirmed BMCE’s ba3 baseline credit assessment (BCA), its Ba2 long-term foreign currency deposit rating, the short-term local and foreign-currency Not-prime ratings and its B1 foreign subordinate debt rating. In light of the revised bank rating methodology, published…

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Morocco reduces euro’s weighting in its currency basket

Posted on by The Editorial Team
Morocco reduces euro’s weighting in its currency basket

RABAT, April 13 (Reuters) – Morocco’s central bank has reduced the euro’s weighting in the currency basket used to set the dirham’s exchange rate, to reflect a fall in trade with the euro zone, it said on Monday. It is the first time in a decade that the bank has changed the basket’s weighting, aiming to make its currency regime more flexible, as recommended by the International Monetary Fund. The dirham is still mostly pegged…

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