Régime de change du dirham (Décision BAM n°1/W/18, modifiée par décision n°49/W/20)

A tightly managed +/-5% band around a EUR/USD basket - low FX volatility, limited hedging freedom.

Managed float. The dirham is pegged to a basket of EUR (60%) and USD (40%) with a fluctuation band of +/-5% around a central rate set by Bank Al-Maghrib (band widened from +/-0.3% to +/-2.5% in Jan 2018, then to +/-5% in Mar 2020; banknote band +/-7.5%). A third phase - loosening the basket anchor in favour of an interest-rate/monetary-policy anchor - has been publicly announced by BAM but not implemented as of July 2026. FX risk is therefore low-volatility but not zero, and MSCI notes offshore MAD trading is restricted while onshore FX transactions must be tied to a securities trade, limiting independent currency hedging.