The threat of foreign currency and trade restrictions hangs heavily over romantic, cosmopolitian Tangier. Last?
The threat of foreign currency and trade restrictions hangs heavily over romantic, cosmopolitian Tangier. Last month a Moroccan Government decree revoked Tangier's charter as a free port; the city retains its trading freedom for another 6 months, and will then receive new status.
Meanwhile the many foreign banks on Boulevard Pasteur - the main street, - the money changers of famous Cambio Street, and Tangier's community of tax-evading traders face a gloomy feature. Most of the banks are expected to close because of the change of status. The money chargers and tax free traders are also expecting to be hard hit when Tangier becomes integrated with Morocco's economy. The city's floating population of criminals fleeing from Interpel, the international police organization, will be deprived of one of their safest havens.
Tangier has been under Moroccan control since the country gained independence in 1956, but retained its free trade and free market in foreign currency under the charter which is now revoked. The change in status was decided on as part of a Government campaign to establish Morocco's economy on a sound basis. Another economic change in Morocco, also announced last month, was the devaluation of the nation's currency by just over 20 percent.