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 Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.