Moroccan Banks Seen Expanding FX Operations As Dirham Is Floated
BANKS
Morocco's decision late last month to float its currency--the dirham--is likely to result in an expansion of foreign exchange operations by the North African country's six leading banks, according to official Moroccan sources in London.
They forecast that Moroccan banks will now seek to establish new foreign exchange trading operations, with Wafa Bank looking to set up in London once regulatory approval has been obtained. Traditionally, Moroccan banks abroad have huddled in Paris or Brussels.
Moro
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