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Bank Al-Maghrib adopts a new methodology for calculating exchange rates

2024-05-11 23:51:14

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Bank Al-Maghrib adopts a new methodology for calculating exchange rates

Rabat – Bank Al-Maghrib (BAM) announced, Monday, the adoption from January 2, 2024, of a new methodology for calculating the reference exchange rates of the dirham to better reflect the liquidity conditions on the market of exchange.

The new methodology was developed in consultation with banks with market maker status based on the recommendations of the Financial Stability Board and the principles defined by the International Organization of Securities Commissions (IOSCO) regarding exchange rates. reference, indicates BAM in a press release.

These prices will now be determined on the basis of interbank transactions carried out by market makers on the electronic trading platform from 8:30 a.m. to 3:30 p.m., instead of firm interbank quotes displayed from 12:12 p.m. to 12:17 p.m., adds the same source.

Furthermore, the publication of the dirham reference exchange rates will be at 4:15 p.m., after the close of the interbank foreign exchange market, instead of the current 12:30 p.m.

And to recall that the reference exchange rates of the dirham are mainly used for the revaluation of assets and commitments denominated in foreign currencies, and are not intended to be used, either directly or indirectly, as a reference when carrying out trading operations. exchange.

2024-05-11 23:51:14

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