The Central Bank of Morocco revised its currency peg on April 13, in what it says is the "first step in the transition to a more flexible exchange rate regime".
The central bank increased the weighting of the US dollar in the currency basket it pegs the dirham against from 20% to 40%, pushing the weighting of the euro down to 60%.
It explained the decision was taken for the peg to better reflect "the current structure of Morocco's international transactions".
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