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Bank al-Maghrib sets dirham band on the first day of the new exchange rate regime

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As announced on Friday, 12th of January, Morocco is adopting a new exchange rate. On the first day of this new regime, the dirham is determined within a band of 8.9969-9.4524 Moroccan dirhams to the U.S. dollar set by Bank al-Maghrib, reports Reuters on Monday.

This was revealed also by Medias 24, which indicates that every morning; Morocco’s Central Bank will have to determine the currency reference exchange rate against the dirham on the basis of quotations from banks with the status of «market maker».

The reform is undertaken under favorable conditions marked by the solidity of the financial sector and the consolidation of macroeconomic bases, including an appropriate level of foreign exchange reserves and a controlled inflation, said the Ministry of Economy and Finance on Firday, noting that the latter will also be supported by the structural and sectoral reforms.

It has explained that the exchange rate regime reform is meant to strengthen the resilience of the national economy to exogenous shocks, to support its competitiveness and to improve its level of growth. It would support the structural changes taking place in the Moroccan economy over the recent years, particularly in terms of diversification, openness and integration into the global economy, it said. 

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