RABAT, July 2 (Xinhua) -- Morocco has decided to delay the gradual floating of its currency which was scheduled to start in early July, Prime Minister Saadeddine El Othmani was quoted on Sunday as saying.
The country's central bank has announced earlier that Morocco would start the first step towards the floating of the Dirham, Morocco's official currency, in the beginning of July.
But El Othmani said that his government has not determined the exact date of starting the process of floating, according to the Le360.ma news site.
El Othmani said the government is currently studying to ensure adequate time for the decision to take effect.
He also revealed that once the decision is announced, the value of the Dirham will neither increase nor decrease by more than 2.5 percent.
The Moroccan government said on Thursday it had taken all necessary measures to ensure the gradual floating of the Dirham.
Currently, the Dirham is fixed via a peg that is 60 percent weighted to the euro and 40 percent to the U.S. dollar.
The first stage will ease that peg to allow the currency to trade in a narrow range, which will be widened gradually over a few years.
