RABAT, June 29 (Xinhua) -- Moroccan government said it has taken all the necessary measures to ensure gradual float of the Dirham.
The country's central bank Bank Al Maghrib has announced that the first step in the floating of Moroccan currency will start in early July.
The government has set up a vigilance system which will ensure peg in narrow range with trading band in order to reach a flexible exchange rate regime, the government spokesperson Mustapha El Khalfi said in a press conference following the weekly cabinet meeting.
He noted that the central bank and the Ministry of Economy and Finance will adopt cautious and gradual approach to enable the Moroccan economy to wither risks of hastened Dirham float and the potential devaluation that may ensue.
Currently, the dirham is fixed via a peg that is 60 percent weighted to euro and 40 percent to dollar.
The first stage will ease that peg to allow the currency to trade in a narrow range, which will expand gradually over a few years. Enditem
