Hotels, Tourist Accommodation Remain Closed in Morocco due to Pandemic

Hotels, Tourist Accommodation Remain Closed in Morocco due to Pandemic
TT

Hotels, Tourist Accommodation Remain Closed in Morocco due to Pandemic

Hotels, Tourist Accommodation Remain Closed in Morocco due to Pandemic

Morocco’s Prime Minister Saad Eddine El Othmani met Friday with professionals in the tourism sector, which has been severely affected by the coronavirus pandemic.

The Tourism Ministry has announced it is carrying out studies on the measures related to the financial, social and administrative aspects of the tourism sector.

Minister of Tourism and Civil Aviation Nadia Fettah Alaoui had revealed that 95 percent of the hotels and tourist accommodation units in the Kingdom are closed due to the novel coronavirus outbreak.

She pointed to a report by the International Air Transport Association (IATA) that revealed a drop in air traffic in Morocco by about five million passengers, which will incur financial and job losses on the sector.

“The tourism sector has benefited from the measures taken by the Kingdom, since nearly 70 percent of employees in the sector registered in the National Social Security Fund (CNSS) have received monthly allowances,” she said.

Informal sector workers and businesses have benefited from other support measures, the tourism minister added.

At the legislative level, she further noted, the House of Representatives adopted a bill to keep tourism businesses afloat and guarantee consumer rights.

The bill outlines special provisions for travel contracts, tourist stays and passenger air transport contracts.

Under the bill, tourism service providers may reimburse their customers via an “IOU” (I Owe You), offering a similar or equivalent service without any rate increase.



Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
TT

Gold Extends Slide to 1-week Low on Curbed Safety Demand, Stronger Dollar

A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo
A view shows an ingot of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk/File Photo

Gold prices extended declines on Tuesday, hitting a more than one-week low, pressured by a jump in US dollar and easing safe-haven demand after reports of a possible Lebanon-Israel ceasefire.

Spot gold was down 0.4% at $2,614.56 per ounce as of 0845 GMT, after hitting its lowest since Nov. 18 earlier in the session. US gold futures edged 0.1% lower to $2,614.80, Reuters reported.

The precious metal fell 3.2% on Monday, its deepest one-day decline in more than five months, on news that Israel looked set to approve a US plan for a ceasefire with the Iran-backed Hezbollah, with further pressure from Trump's nomination of Scott Bessent as the US Treasury secretary.

Meanwhile, the Kremlin said it had noted that Trump's circle was speaking about a potential peace plan for Ukraine.

"This has reduced the geopolitical risk premium, leading to a decline in gold prices," said Soni Kumari, a commodity strategist at ANZ, adding that a stronger US dollar is also weighing on investor appetite for gold. The dollar was up by 0.3%, after US President-elect Donald Trump vowed tariffs against Mexico, Canada and China, reducing gold's appeal for holders of other currencies.

"So now the focus will shift back to, what Fed is going to do in December meeting," Kumari said. Federal Reserve Bank of Minneapolis President Neel Kashkari, typically on the hawkish end of the US central bank's policy spectrum, said he is open to cutting rates again next month.

Traders will also keep a close eye on US consumer confidence data and the minutes from the Fed's November meeting later in the day.

"I expect gold to trade in a narrow range in the short term, with a slight upward drift," Matt Simpson, a senior analyst at City Index said.

Spot silver slipped by 0.1% to $2,614.80 per ounce, platinum shed 1.1% to $928.40 and palladium was down 0.2% to $971.10.