The Moroccan dirham will gradually detach itself from the euro and the dollar

Morocco seeks to reduce the dependence of the dirham on fluctuations in the euro and the dollar. In this sense, Bank Al-Maghrib (BAM) is preparing to implement an ambitious reform awaited for many years.

Link the dirham to the euro and the dollar, but also to an expanded basket of currencies, thus offering greater flexibility to the Moroccan economy in the face of international variations. This is the ambitious project that Morocco intends to implement to reduce the dependence of its dirham on fluctuations in the euro and the dollar and soften the anchoring of the dirham to a basket of euros and US dollars by 2026. Abdellatif Jouahri, governor of Bank Al-Maghrib (BAM), announced this transition in an interview he gave to Bloomberg in Washington, United States on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank. According to him, this transition is part of a plan for gradual easing of the exchange rate, suspended during the Covid-19 pandemic. The central bank is “technically ready” for this approach and regulators are developing a plan to implement it, Jouahri assured, adding that banks are also prepared for this step.