March 16, 2020 / 12:23 PM / 20 days ago

BRIEF-Fitch Says Coronavirus Increases Pressure On Morocco's External Finances

March 16 (Reuters) - Fitch:

* FITCH SAYS CORONAVIRUS INCREASES PRESSURE ON MOROCCO’S EXTERNAL FINANCES

* FITCH SAYS DOWNSIDE RISKS FOR MOROCCO’S CAD AND EXTERNAL FINANCES HAVE INCREASED SIGNIFICANTLY DUE TO COVID-19 PANDEMIC GLOBAL SHOCK

* FITCH SAYS MOROCCO HAS BUFFERS TO MANAGE INCREASED PRESSURES, INCLUDING RECENTLY DISPLAYED WILLINGNESS TO ADJUST FLEXIBILITY OF EXCHANGE RATE REGIME

* FITCH SAYS COLLAPSE IN LEISURE TRAVEL WILL HIT MOROCCO’S TOURISM SECTOR, AN IMPORTANT GROWTH DRIVER AND SOURCE OF FX EARNINGS

* FITCH SAYS SLOWDOWN IN WORLD GROWTH COULD WEIGH ON MOROCCO’S EXPORTS, CHIEFLY PHOSPHATES AS WELL ON REMITTANCES

* FITCH SAYS STILL EXPECTS MOROCCO’S TRANSITION TO A FULLY-FLEXIBLE EXCHANGE RATE IN LINE WITH IMF RECOMMENDATIONS TO BE STAGED OVER SEVERAL YEARS

* FITCH SAYS MOROCCO ECONOMY’S VULNERABILITY TO DIRHAM DEPRECIATION IS CONTAINED Source text for Eikon:

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