Morocco

In 788, about a century after the Arab conquest of North Africa, successive Moorish dynasties began to rule in Morocco. In the 16th century, the Sa'adi monarchy, particularly under Ahmad AL-MANSUR (1578-1603), repelled foreign invaders and inaugurated a golden age. In 1860, Spain occupied northern Morocco and ushered in a half century of trade rivalry among European powers that saw Morocco's sovereignty steadily erode; in 1912, the French imposed a protectorate over the country. A protracted independence struggle with France ended successfully in 1956. The internationalized city of Tangier and most Spanish possessions were turned over to the new country that same year. Morocco virtually annexed Western Sahara during the late 1970s, but final resolution on the status of the territory remains unresolved. Gradual political reforms in the 1990s resulted in the establishment of a bicameral legislature, which first met in 1997. The country has made improvements in human rights under King MOHAMMED VI and its press is moderately free, but the government occasionally takes action against journalists who report on three broad subjects considered to be taboo: the monarchy, Islam, and the status of Western Sahara. Despite the continuing reforms, ultimate authority remains in the hands of the monarch.

Economical characteristics

 * Currency: Moroccan dirham (ISO code: MAD)
 * Central bank discount rate: 3.31% (31 December 2009)
 * Commercial banks lending rate: 6.5% (31 December 2008 )
 * Stock of money (M1): $69.25 billion (31 December 2008)
 * Quasi money (with M1 makes M2): $18.98 billion (31 December 2008)

Notable events:

 * Banking crisis: 1983
 * Public default: 1903-1904, 1983, 1986-1990 (external)

Links

 * Morocco on Wikipedia
 * Central bank of Morocco
 * BBC country profile