Morocco Considers Next Phase of Dirham Flexibility Reform

"Today, it is up to Morocco, that is to say the Ministry of Finance and the central bank, to agree on the date of triggering the next phase of this reform," said the Minister of Finance, Mohamed Benchaâboun, during the last working visit to Morocco of the Managing Director of the International Monetary Fund (IMF).

Speaking on the subject, the Governor of Bank Al-Maghrib, Abdellatif Jouahri, suggested conducting the second phase of the reform, step by step. "What we have started corresponds to the first phase of the first stage. If we have to expand further, it will only be the second phase, still of the first stage. We did not make this choice in a foreign exchange crisis, since we still have a comfortable foreign exchange reserve volume that the IMF also recognizes. So, we are more at ease in sequencing the stages properly," he had argued.

According to him, it is important to know that operators, especially SMEs, have well assimilated this flexible regime with all the tools put in place by the authorities to allow them to hedge.