calculation of the central rate and the limit rates of the fluctuation band

Bank Al-Maghrib sets and daily publishes, at the opening of the market, the limit rates of the fluctuation band of the dirham against the US dollar (USD/MAD), based on a reference rate deviated by 5 percent on either side.

The central rate of the fluctuation band is determined based on the basket of currencies composed of the euro and the US dollar up to 60 percent and 40 percent respectively, according to the following formula:

1 USD= (1/ reference rate USD)*40%+ [(1/reference rate EUR)*60%]* rate EUR/USD) MAD

Besides, Bank AL-Maghrib publishes daily, at the opening of the market, the fluctuation band of the foreign banknotes quoted against the dirham. The fluctuation band is fixed at +/-7.5 percent compared to the central rate determined by Bank AL-Maghrib.

Bank Al-Maghrib updates the fluctuation band of the dirham against the dollar before organizing each currency auction session and in case of significant variation of the international exchange rates.

At 4:15 pm, Bank Al-Maghrib publishes the average reference exchange rate of the dirham against the main currencies quoted on the interbank market, based on interbank transactions carried out by the banks having the status of market makers on the electronic trading platform from 8:30 a.m. to 3:30 p.m.

The fluctuation band, foreign banknote rates, as well as the reference exchange rates of the dirham are published daily on Bank Al-Maghrib's website and on the financial information platforms Reuters and Bloomberg.