Moroccan officials are considering introducing a new currency to replace the country’s official moneys, but a number of experts warn it could end up costing more than the country already has.
Read more Monsignor Paul Bouwmeester, who is a former finance minister, said the government should consider replacing the official franc with a new coin, like the U.S. dollar.
“The U.K. dollar is not going to be the same, but we could do that with the new franc.
I would say we would have to give it a little bit of a break, but the country would be better off if it did,” Bouwmester said.”
If it doesn’t have enough reserves to make the change, then we would do it by way of a change of denomination,” he said.
A new coin would likely be a mixture of copper, silver and gold.
But some experts worry that a change in denomination could have unintended consequences.
“I think that it is going to change the economy, but that it will also be damaging to the country,” said Moudeou Ali, an economist at the Moroccan Institute of Economic and Business Research.
He told Newsweek the country is still recovering from the financial crisis, and that the new coin could damage the economy in the long run.
“It is very risky for the country to introduce something that is a gamble on the future of the economy,” Ali said.
The government is also considering creating a separate national currency, with a different value for different countries.
The country currently uses the U, P, C and D coins.
However, in 2018, the government decided to replace them with the Moroccan peso.
The new currency, which is still to be announced, will be based on the value of gold in the country.
But Ali believes it would be more expensive for Morocco to convert its currency into the new one.