Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Morocco eased its grip on the dirham.Bank al-Maghrib set the reference rate at 9.2184 per dollar, 0.2 percent stronger than Friday's, even after the central bank widened the dirham fluctuation band to 2.5 percent above or below its peg.The shift was originally slated for last year but was postponed when fears of a weaker dirham triggered a rush for dollars and euros, causing a $3 billion drop in reserves in three months.The central bank announced Friday that the shift to a more flexible regime was back on and confirmed that the band would be widened to 5 percent.The central bank also started regular foreign-currency auctions as part of a pledge to ensure sufficient foreign currency in the banking system.The central bank is expected to introduce further reforms.
FOLLOW THIS ARTICLE