Morocco Central Bank Sets Dirham Band on First Day of Flexible FX SystemSource: www.export-egypt.com 1/15/2018, Location: Africa |
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Morocco’s central bank set a band of 8.9969-9.4524 dirhams to the U.S. dollar as it introduced a more flexible exchange rate system .
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. |
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