Morocco introduces a more flexible exchange rate
The central bank introduces a daily band of 5% for the dirham to trade against major currencies
The Central Bank of Morocco has made its exchange rate system more flexible by widening the daily variation band in which the dirham is allowed to trade against major currencies.
“Bank Al-Maghrib [the central bank] sets the central price of the dirham against the US dollar, and the limit prices of the band of fluctuation correspond to the central rate deviates by 2.5% on both sides,” the central bank said in a statement published on January 12 on its website. Previously, the band had been 0.3%
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