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WEEK
ENDED MAY 06, 2001 - 106th. ISSUE
Morocco - Currency
MOROCCO
DEVALUES ITS CURRENCY
The
Moroccan Dirham was devalued by 5% after the basket of currencies
that determines its value was adjusted to give more weight
to the Euro. The Finance Ministry said that the readjustment
would reduce volatility in the Euro/Dirham exchange rate caused
by fluctuations in other major currencies. The Dirham/Dollar
exchange rate dropped from 10.876 to 11.461 and the Dirham/Euro
exchange rate from 9.72 to 10.22. [continue
here][non-paying
readers, click here]
 Tunisia
- Finance
Tunisia makes 2nd
Global Samurai bond issue
Tunisia has raised
Yen 35 billion in its second Global Samuraï bond
issue...
[continue
here]
[non-paying
readers, click here] |
Morocco
- Corporate
SBM Group’s 2000
earnings penalized by external factors
The Moroccan beverage
company ‘Société des Brasseries du Maroc’
(SBM Group) recorded a DH 2,536.9 million turnover during
its fiscal year 2000. This was up 19% compared to 1999...
[continue
here][non-paying
readers, click here] |
Algeria
- Labor
Retirees Demand Government
Attention on Troubled Pension Fund - 60,000
Workers to Retire in 2001-
The association of Algerian retirees asked the government
to implement the resolutions it took in December 1999
relative to the increase of retirees’ pensions. The
Fédération Nationale des Travailleurs
Retraités (FNTR) says the financial difficulties
facing by the retirement fund, the Caisse nationale
des retraités (CNR) is the direct result
of non-implementation of the eight decisions made
in December 1999 which, according to FNTR, would have
insured a better financial profile to the CNR and
a steady revenue stream...
[continue
here][non-paying
readers, click here]
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Morocco
- Corporate
Aluminium du Maroc’s
2000 earnings unexpectedly stable
Aluminum bars
producer Aluminium Du Maroc (ADM) ended its fiscal
year 2000 with a turnover of DH 230.7 million, up
28% from 1999...
[continue
here]non-paying
readers, click here]
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Algeria
– Natural
Resources
Water Supply:
No Solution on the Medium Term
The current restrictions
on water supply and distribution in Algiers are forcing
tens of thousands of households to adjust their behavior
according to water distribution schedules...
[continue
here][non-paying
readers, click here]
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Morocco
– Energy
Higher Gasoline
Prices Expected
Moroccan consumers
have so far enjoyed stable gasoline prices. A State
subsidy fund ‘Caisse de Compensation’ has contributed
in keeping prices at their current level but the increase
of crude oil prices on the world market coupled with
the recent devaluation of the Moroccan currency, the
Dirham, are expected to have an impact on gasoline
in Morocco this summer...
[continue
here][non-paying
readers, click here]
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Algeria
– Sector Watch
Algeria Seeks
Investors for its Mining Sector
There are at least
200 tons of potential reserves of gold in the Hoggar
region, southeastern Algeria according to the geological
and mining research bureau ORGM. The bureau also says
it has identified large amounts of diamond in the Reggane
region...
[continue
here][non-paying
readers, click here] |
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Morocco
- Currency
Too Little,
Too Late!
The devaluation
of the Moroccan currency the Dirham has been welcomed
by agricultural exports who are hoping to compete
efficiently on the European market. But the exporters
association Aspam (Association des Producteurs
d'agrumes du Maroc - An organization that lobbied
for a currency devaluation for over a year) said the
decision, while a positive one, is too little too
late for the current agricultural season...
[continue
here][non-paying
readers, click here]
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The North Africa Journal - All Rights Reserved - 1997-2001
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