Central Bank Official Denies any Change to Exchange Rate Regime

Rabat – No change has been made to the exchange rate regime for the time being, assured, on Thursday in Rabat, the acting head of the Directorate of Monetary and Exchange Operations at Bank Al Maghrib (BAM, Morocco’s central bank), Younes Issami.

Reacting to information circulating on some websites, according to which the euro is currently worth 18 dirhams, Issami categorically denied this depreciation of the dirham against the euro, denying any link between this misinformation and the change in the exchange regime.

“Any change in the exchange regime will be announced through the communication channels of the Ministry of Economy and Finance and Bank Al Maghrib,” Issami said during a press conference.

He noted that the dirham is a non-convertible currency, which is traded during the opening hours of the Moroccan exchange market, stressing that the only reliable source for dirham exchange rates is the Bank Al-Maghrib portal, as well as Bloomberg and Refinitiv.

Thus, it is possible to check the euro exchange rate against the dirham on the BAM website, he said.

Several Internet users were surprised, on Wednesday afternoon, by information published by some sites, including the Google search engine, which evoked a sharp depreciation of the dirham against the euro.

At a time when the dirham/euro parity is around 11 DH, according to official data from Bank Al-Maghrib, these sites claimed that the euro would have exceeded 18 DH.

In a statement, the central bank assured that the reference exchange rate for January 18, 2023 was set at around 11 DH for one euro.

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