The Ministry of Economy, Finance and Administration Reform, after consulting Bank Al-Maghrib, has decided, to widen, starting from March 9, 2020, the fluctuation band of the dirham from ± 2.5% to ± 5% against the reference rate set by Bank Al-Maghrib on the basis of a basket of currencies composed of the euro (EUR) and the US dollar (USD) up to, respectively, 60% and 40%.
widening is part of the ongoing foreign exchange rate reform process, which was
initiated in January 2018, and occurs following the achievement of the
objectives set for the first phase.
second phase has been launched in a favorable domestic macroeconomic and
financial context, marked, in particular, by an appropriate level of foreign
exchange reserves, a subdued inflation, a sustainable public debt and a sound
reform of the foreign exchange rate regime, which is a voluntary, gradual and
orderly multi-phased process, will strengthen the Moroccan economy’s capacity
to absorb external shocks, support its competitiveness and thus contribute to
improving its growth.
Al-Maghrib continues, in accordance with its statute, to monitor the proper
functioning of the foreign exchange market and will intervene, when necessary, in
this market to ensure its liquidity.