Currency Regime Reform: The INFITAH Caravan Concludes Its National Tour

The final stops of the INFITAH Caravan in Fès and Oujda marked the conclusion of a unique initiative designed to connect the business world with the challenges of the currency market and to facilitate better preparation for currency regime reform. Launched in 2021 under the guidance of Bank Al-Maghrib, the INFITAH Caravan traveled across Morocco for four years, visiting cities such as Tangier, Rabat, Casablanca, Marrakech, Agadir, Laâyoune, Dakhla, Fès, and Oujda. Each stop attracted an average of 40 companies, institutions, and professional federations, totaling over 350 participants. "The message of INFITAH can be summarized in three words: understand, anticipate, act. Understand the mechanisms of the market, anticipate the movements of the dirham, and act using the right hedging tools," explained Mr. Mohamed Filali, President of AMSM and Head of Capital Markets Morocco at Attijariwafa Bank. This grassroots approach has effectively supported SMEs in understanding the currency market, managing dirham volatility, and utilizing available hedging instruments. "Bank Al-Maghrib has prioritized the preparation and support of Moroccan SMEs in the transition to a more flexible currency regime. Together with AMSM and the Office des Changes, we are working to enhance understanding of currency market mechanisms and promote a culture of risk management, which is essential for the success of the currency regime reform," stated Mr. Mohamed Souhail, Deputy Director of Monetary and Exchange Operations at Bank Al-Maghrib. Throughout its journey, INFITAH has contributed to strengthening the financial culture of businesses and establishing direct dialogue between economic operators, regulators, and banks. In Fès, Mr. Mohamed Bensaïd, General Director of Novavision, shared, "In our business, where we regularly import chemical products for construction, even the slightest fluctuation of the dirham can disrupt our costs. Thanks to INFITAH, we have found clear explanations and concrete solutions to better manage this risk." Similarly, Ms. Houda Senecal Mezian, General Director of Stone Héritage, an exporter of marble, emphasized, "In a sector focused on exports, dirham volatility is a daily challenge. INFITAH has helped us better understand hedging instruments and master their use to secure our international contracts." Finally, in Oujda, Ms. Ghofrane Essoussi, Deputy Administrative Director of Oriverre, praised the program's impact: "Our imports are directly exposed to dirham fluctuations. The INFITAH workshops taught us to anticipate these changes, negotiate better with our foreign partners, and secure our margins." INFITAH exemplifies the close cooperation between Bank Al-Maghrib, the Office des Changes, and AMSM, based on a shared belief: the competitiveness of Moroccan companies relies on better management of currency risk and gradual financial education. The final stages in Fès and Oujda highlighted the diversity of Morocco's entrepreneurial fabric, confirming that the success of the currency regime reform depends on widespread dissemination of risk culture throughout the country. "INFITAH is not an end in itself; it is the beginning of a new risk culture, serving the competitiveness, trust, and resilience of the Moroccan economic fabric," concluded Mr. Mohamed Filali.