RABAT: Morocco will introduce a more flexible exchange rate system for the dirham currency on Monday, the government said.

The fluctuation band in which the dirham is traded against hard currencies will be widened from 0.3 per cent either side of the previous day’s close to 2.5 per cent either side, giving a 5 per cent range in total, the government said in a statement, confirming what sources had told Reuters earlier. The move should give the Moroccan economy greater protection from external shocks, it added. Morocco has been working with a technical mission from the International Monetary Fund (IMF) to liberalise its currency. That move had been expected last year but got delayed pending further studies.

Reuters