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Should the dirham’s decline against the euro and the dollar be a cause for concern? Mohamed Filali, Head of Morocco Capital Markets at Attijariwafa Bank, sees it as an adjustment inherent in an exchange rate regime designed to absorb external shocks. In this interview, he explains the factors behind the currency’s recent movements, examines their implications for businesses and assesses the results of Morocco’s exchange rate reform, while outlining the tools companies can use to protect themselves against currency risk.

Imports climbed 15.9% to MAD 544 billion, nearly twice the pace of export growth, as the energy bill jumped 29.1% and the trade coverage ratio fell to 55%.

The currency slipped 0.1% against the euro, while official reserves stood at MAD 499.3 billion, up 21.9% from a year earlier.

The Moroccan dirham strengthened 0.3% against the US dollar but weakened 0.5% against the euro between Aug. 13 and 19, according to Bank Al-Maghrib.

Moroccan fuel prices moved in opposite directions on Sunday evening, with diesel climbing by MAD 0.65 per liter while gasoline fell by MAD 0.30, just two weeks after both fuels rose by MAD 1.

Bank Al-Maghrib said the dirham appreciated against the U.S. dollar but weakened slightly against the euro during the week ending August 5, as the country’s official foreign reserves climbed to nearly MAD 500 billion.