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Business & Finance

Morocco central bank sets dirham band on first day of flexible FX system

Published January 15, 2018 Updated January 15, 2018 01:56pm
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By Shoaib Ur RehmanReuters
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DUBAI: Morocco's central bank set a band of 8.9969-9.4524 dirhams to the US dollar as it introduced a more flexible exchange rate system on Monday.

The dirham was trading in the spot market at around 9.2380-2430, Thomson Reuters data showed.

The new system, designed to preserve Morocco's competitiveness and ensure it has sufficient foreign exchange reserves, widens the band in which the dirham trades against hard currencies to 2.5 percent on either side of a reference price from 0.3 percent on either side.

 

Copyright Reuters, 2018
 

 

 

 

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