2nd LD: Morocco to start floating currency on Monday

RABAT, Jan. 12 (Xinhua) -- Morocco decided on Friday to start the gradual floating of its currency dirham on Monday.

The decision was announced by the government spokesperson Mustapha El Khalfi during a press briefing following the cabinet weekly meeting.

The government decided to float dirham within a fluctuation range of 5 percent instead of the current 0.6 percent.

The Economy and Finance Ministry highlighted in a statement the readiness of the country to adopt a more flexible exchange rate.

The move comes under favorable conditions, especially due to a solid financial sector, sound macroeconomic foundations, an appropriate level of foreign exchange reserves and controlled inflation, the statement noted.

This reform will also be supported by the continuation of structural and sectorial reforms, it added. Enditem