This reform, detailed by Abderrahim Bouazza, general manager of Bank Al-Maghrib, during the official launch of the futures market marks a new stage in the development of hedging and risk management instruments, which will make it possible to meet the growing needs of operators economics of the Kingdom.
The first part of this reform focuses on the launch of a overnight rate swap futures market. This over-the-counter market aims to establish a reference monetary curve in dirham, a key tool for financial institutions wishing to refine their hedging strategies. With this new curve, Bank Al-Maghrib wishes to give impetus to the market for hedging products, particularly those linked to the foreign exchange market. This project presents itself as a direct response to the expectations of financial players for a more robust market infrastructure that is adaptable to variations in demand and economic risks.
Furthermore, the institution plans to launch a interbank forward exchange market. This second pillar of the reform aims to provide a reliable reference to operators in their hedging operations against foreign exchange risk. In an economic context where fluctuations in the dirham impact many sectors, this new instrument will offer Moroccan companies increased protection against the risks linked to exchange rate variations, which will thus strengthen their competitiveness and resilience.
Thus, the capital market, already supported by successive reforms, will be enriched by these new initiatives (including the futures market) to improve transparency and liquidity, while aligning its practices with international standards.
Morocco
