The Japan News
AFP-Jiji
Morocco will begin the process of moving toward a flexible exchange rate system gradually in the second half of this year, the governor of the country’s central bank said Tuesday.
The North African country has had a fixed exchange rate regime for the dirham since the 1970s.
“There will be no devaluation. We are not in a situation of currency crisis,” central bank chief Abdellatif Jouahri told reporters.
“The International Monetary Fund [which has helped the Moroccan authorities in the process] did not impose anything on us. It is a voluntary decision,” Jouahri said.
Moroccan media have reported that the full liberalization of the dirham will take up to 15 years.
