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.
