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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.

The dirham has weakened against the euro and the dollar in recent weeks amid mounting pressure on foreign-currency flows. Is this a warning sign? Rising imports, a widening trade deficit, shifts in export earnings and movements in major global currencies are all combining to drive the trend—without necessarily pointing to a sharp dislocation in the dirham. Economist Abdelghani Youmni explains what is at play.

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