Arab Today, arab today morocco the world bank to manage currency risk
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Morocco, the world bank to manage currency risk

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Arab Today, arab today Morocco, the world bank to manage currency risk

Washington - SPA

The World Bank on Friday executed a $1 billion currency swap transaction for Morocco to manage its exposure to the U.S. dollar from a recent bond issuance. “This transaction is part of the strategy the Ministry of Economy and Finance has adopted to actively reduce the exposure of the Treasury’s debt portfolio to financial risks,\' said Nizar Baraka, the Moroccan Minister of Economy and Finance. “Swapping the currency of the bond issuance from U.S. dollar to Euro allows the Treasury to improve the currency allocation in the external debt portfolio with the aim of aligning its structure with the benchmark,â€‌ Baraka said. World Bank Vice President for the Middle East and North Africa Region, Inger Anderson, said “The World Bank’s ability to offer our member countries practical solutions to deal with financial issues is key.â€‌ The transaction “helps Morocco shield its investment and development programs from unforeseen currency shocks,â€‌ she said.

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