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The Minister of Economy and Finance and the Wali of Bank Al Maghrib hold a press conference on the new exchange rate regime : 18/01/2018

The Minister of Economy and Finance and the Wali of Bank Al Maghrib hold a press conference on the new exchange rate regime

Mr. Mohammed BOUSSAID, Minister of Economy and Finance and Mr. Abdellatif JOUAHRI, Wali of Bank Al-Maghrib, gave, Thursday, January 18th 2018 in Rabat, a press conference on the new exchange rate regime adopted, Monday, January 15th, 2018.

Within the framework of the new exchange rate regime, the parity of the dirham is determined within a band of fluctuation of ± 2.5 percent against ±0.3 percent previously, compared to a central rate established by Bank Al Maghrib on the basis of a currency basket composed of the euro (EUR) and the American Dollar (USD) by up to 60% and 40% respectively.

During this conference, the Minister of Economy and Finance asserted that the reform of the exchange rate regime is a step towards the strengthening of the positioning of the Moroccan economy at the international level and will support the structural changes in the national economy.

In this occasion, Mr. BOUSSAID noted that since the reform came into effect on Monday, January 15th 2018, the exchange rates of the Dirham on the interbank market continued its transition within a band of +/- 0, 3% despite the widening of the fluctuation band to +/-2, 5%. He, thus stated that this situation demonstrates that the banks and economic operators responded well to this reform which objective is to sustain the government structural policies, referring to this introductory period as “ comforting”

Operationally, the Minister underlined that the monetary authorities will closely monitor the implementation of this reform, particularly with banks and exchange offices, stating that competent authorities will continue to provide information on the reform to parliament, economic operators and public.