Egypt’s experience causing concerns for Morocco’s plan to float currency -Bloomberg

Morocco is postponing a decision to float its currency after concerns arose following Egypt’s currency flotation, Ahmed Namatalla and Ahmed Feteha write for Bloomberg. “The move to a more flexible exchange rate regime, not a float, is still in the cards but the rollout will take place at the appropriate time,” government spokesman Mustapha El Khalfi told reporters on July 6. Analysts believe the comparison with Egypt is not entirely accurate as the Moroccan economy is still expected to continue being the best performing Arab economy and the country has an “investment-grade credit rating and an expanding private sector.” However, Arqaam Capital senior economist Reham El Desoki believes postponing the float was an easy decision for Morocco as it “unlike Egypt, isn’t facing a currency crisis that requires immediate action.”