Rabat, Morocco (TMT)- The Moroccan government has delayed the full liberalization of the dirham due to the ongoing wave of inflation and pressure on the national economy.
The government is continuing preparations for reform through the development of the exchange market and hedging instruments against risks, as well as preparing to transition monetary policy to an inflation-targeting framework.
Despite the uncertain international context and economic risks, the results of the exchange rate reform since January 2018 have been positive, amid a self-sufficient foreign exchange market and stability in the dirham exchange rate.
The foreign exchange reserves of the Bank of Morocco have not been under pressure after this reform, and the official reserves have increased thanks mostly to remittances from Moroccans living abroad.
The exchange reserves for banks have remained at an acceptable level of around MAD 20 billion until December 2022.
The Moroccan Times.