Is Morocco Sheltered from the Global Financial Meltdown?

The Moroccan financial authorities and national experts are hoping the global financial meltdown will not affect their own banking sector.

Even former finance minister Fathallah Oualalou believes there is an opportunity for the Moroccan banking system. The argument made by the Moroccans is their banking system is not fully integrated into the global financial system, sheltering it from the crisis that is affecting industrial nations. To them, even Moroccan private banks with offices in Europe may not see any adverse effects from the crisis. This is because most of their activities there focus on attracting savings from Moroccan expatriates to support commercial operations. Continue reading here.