Morocco's king appoints new minister for economy and finance

Prominent banker Mohamed Benchaaboun Mohamed Boussaid who was sacked August 1.

RABAT - King Mohammed of Morocco appointed Mohamed Benchaaboun, a prominent banker, as the new economy and finance minister on Monday, according to a statement from the Royal Cabinet.

Benchaaboun succeeds Mohamed Boussaid, who was dismissed by the king on Aug. 1, three days after the monarch urged action to tackle Morocco's pressing social and economic problems and said the government should do more to boost investment.

Benchaaboun has been serving as head of Morocco's Banque Centrale Populaire (BCP), one of the North African country's three biggest lenders.

The new minister was appointed at the suggestion of Prime Minister Saad Eddine El Othmani as the constitution stipulates, the statement said.

It also said King Mohammed had approved a proposal from El Othmani to scrap the state secretariat for water, whose portfolio will be transferred to the ministry for equipment, transport, logistics and water. It said the move would improve management of water supplies.