Morocco’s Central Bank upset at Fitch rating unprofessional move
Fitch has recently downgraded Morocco’s credit rating from investment grade to junk ahead of an international bond worth 3 billion dollars sold by Morocco earlier this month.
Despite Fitch move, demand for the Moroccan bond was four times higher standing at $13 billion, which means Morocco was in a position to ask for more than 3 billion, said Jouahri.
He said the finance minister has expressed his resentment to Fitch officials.
Morocco has also sold an international bond in October worth 1 billion euros and saw its foreign exchange reserve rise to $36 billion enough to cover 7 months of imports.
However, Morocco’s treasury debt is set to surge to 76% of GDP this year, while its foreign debt component will spike to 20% of GDP.