Forex – Morocco to adopt a new exchange rate regime starting as from Monday (Official)

The Ministry of Economy and Finances has decided, upon its agreement with Bank Al-Maghrib, to adopt a new exchange rate regime determining “MAD parity” within a fluctuation band of ± 2.5%, said government’s spokesman, Mustapha El Khalfi, on the light of the Council meeting.

At the meeting, the Minister of Economy and Finances, Mohamed Boussaid, presented his Ministry’s reform strategy, stating that Morocco is willing to adopt a more flexible exchange rate regime, El Khalfi added in a press briefing.

This new exchange rate regime will allow “MAD parity” to be determined according to the rate set by Bank Al-Maghrib based on a currency panel consisting of the euro and the US dollar, estimated at 60% and 40% respectively, he added.

This reform, however, aims at strengthening Morocco’s economic immunity against exogenous shocks and competitiveness, as well as its national growth rate, the Minister said on a different note.

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