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Bank Al Maghrib (BAM) has released a series of videos entitled «Let me know», focusing on the basic concepts of the exchange rate regime in order to educate people and raise awareness among Moroccans who are not familiar with the step.
«For example, when a company wants to import a material that is needed for its production, or when Mouna wants to pursue a higher education abroad and who has to pay tuition and living expenses in the country to which it travels, or when Amine plans to go abroad for tourism (...) when the company wishes to import the material it needs, it must pay it either in the currency of the country of origin or in another currency. Mouna and Amine are also required to pay in foreign currency the costs of studying or traveling abroad. What applies to the undertaking (...) applies more generally to all operations carried out abroad.»
Bank Al Maghrib recalls that currencies are bought «like any other commodity» : When the company needs foreign exchange to regulate the importation of the materials that are used in the manufacture of its products, it uses its bank. The latter provides the value in foreign currency of the amount to be paid. '
BAM revisits the notion of exchange rate: «In order for all these transactions to be carried out, the company, Mouna and Amine will have to know the amount they will have to pay in dirhams to obtain the amount of foreign exchange they need. This is called the exchange rate. (...) The exchange rate is therefore the price of the national currency in relation to another currency.»
