Morocco takes ‘first step’ to flexible exchange rate
Central bank doubles dollar weighting in currency basket
The Central Bank of Morocco revised its currency peg on April 13, in what it says is the "first step in the transition to a more flexible exchange rate regime".
The central bank increased the weighting of the US dollar in the currency basket it pegs the dirham against from 20% to 40%, pushing the weighting of the euro down to 60%.
It explained the decision was taken for the peg to better reflect "the current structure of Morocco's international transactions".
The dollar and euro are approaching
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