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"Fight Inflation First:" Morocco

While much of the world remains preoccupied with the crisis sparked by the volatile credit market, the governor at Morocco's central bank, Abdellatif Jouahri, was recently quoted as saying that he is more concerned about fighting inflation."For the time being, inflation remains a cause of concern because despite efforts to keep it in check, imported inflation has an impact," Mr Jouahri said.

According to the latest figures, year-on-year inflation rose to 5.1% in July and 4.7% in June. The annual inflation figure for May was 5.4%. These figures are higher than government predictions, which in June were between 2.7-2.9%, up from an earlier estimate of 2.0%. These increases are attributed to higher transportation costs brought on by rising international food prices.

"Inflation through costs has an impact and creates, with wage rises, a vicious circle, Mr. Jouahri added.

The central bank governor downplayed the possible effects the worldwide credit crisis could have upon his nation's economy. "We are not affected by the international crisis because we do not have sub-prime loans in our banks. We are not concerned by the mortgage crisis and our banks do not have such assets," he said.

Government officials believe that strong growth of the domestic property market ensures that Morocco will be cushioned from international downturns for some time to come. "Where is the crisis when credits to the property market had risen 33% in July?" asked Finance Minister Salaheddine Mezouar, when questioned about the recent decline in the Moroccan stock market earlier this week and the general nervousness of many investors worldwide.

James Gonzalez, Market Analyst at Obelisk , also believes that Morocco will continue to offer excellent investment opportunities well into the future. "Property in Morocco is attractive to the foreign investor and with such a favourable exchange rate between the Moroccan dirham and major currencies like the pound and euro, the investment climate in Morocco should prove tempting for some time to come."

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