7. The Moroccan monetary authority is using a heavily-managed float to keep the dirham at U. S. $0.12 per dirham. Under current foreign exchange market conditions, nonofficial supply and demand would clear at U. S. $0.15 per dirham.
a. Using official intervention, what does the official Moroccan monetary authority have to do to keep the exchange rate at U. S. $0.12 per dirham?
b. If the monetary authority believes that this is a temporary disequilibrium, what does the authority expect to happen soon?
c. If private investors and speculators believe that this is a fundamental disequilibrium, what actions are they likely to take?
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