GLOBAL MARKETS: Enormous diamond found in Lesotho
While Morocco eases currency peg to attract investors
One of the biggest diamonds in history has been discovered in Lesotho. Mining company Gem Diamonds found the 910carat stone, about the size of two golf balls, at its Letseng mine. It’s a D-colour Type IIa diamond, which means it has very few or no nitrogen atoms and is one of the most expensive stones. The diamond is the fifth-biggest ever found. Bloomberg
Morocco eases currency peg to attract investors
Morocco will loosen its currency peg in a long-awaited move, aimed at boosting its economy and avoiding financial imbalances that have forced a slew of emerging nations into sharp devaluations.
Bank al-Maghrib, as the central bank is known, will allow the dirham to fluctuate 2.5% above or below its official rate, significantly widening the band from 0.3% each way.