Mr.Ales Bulir

Mr.Douglas Laxton

Mokhtar Benlamine

Meryem Farouki

Ágnes Horváth

Faical Hossaini

Hasnae El Idrissi

Zineb Iraoui

Mihály Kovács

Anass Maaroufi

Katalin Szilágyi

Mohamed Taamouti

David Vávra

The Central Bank of Morocco has been working on developing a Forecasting and Policy Analysis System (FPAS) to support a gradual move toward a more flexible exchange rate regime and the eventual adoption of a full-fledged inflation-targeting (IT) regime. At the center of the FPAS is a quarterly projection model that was tailored for two different types of exchange rate regimes. Presently, the fixed exchange rate model version is to be used during the pre-IT period, while the flexible exchange rate model version is to be used to prepare alternative scenarios for monetary policy decision makers to discuss the potential policy implications of shocks under an IT regime.

Morocco: A Practical Approach to Monetary Policy Analysis in a Country with Capital Controls

David Vávra

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