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have absorbed excess liquidity from the market by increasing interest rates.
This has helped eradicate the spread between the interest rates of the dirham and the United States dollar. The Central Bank is constrained by its inability to manipulate interest rates to control inflation - limited by the dollar interest rate changes...
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The unemployment rate of nationals, according to the report, has been on the rise over the past few years: from 7.5 per cent in 1999 to 11.4 per cent in 2004, even though between 2000 and 2004, 177,000 jobs were created annually, far outpacing the national labour force's population growth of 18,000 per year...
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