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Morocco Cuts Euro for More Dollars in New Currency Weighting

Morocco’s central bank said it has revised the Moroccan dirham’s currency peg after the weakening of the euro against the U.S. dollar.

It’s a “first step in the transition toward a more flexible exchange regime aimed at strengthening competitiveness of the country and resilience of its economy to external shocks,” Bank Al-Maghrib said in a statement on its website. It doubled the U.S. dollar weighting to 40 percent while it cut by a quarter the weighting of the euro to 60 percent. Morocco has a managed float exchange-rate system.