REINNOVA Outils de lecture

This paper aims to measure the pressure on the Moroccan foreign exchange market through the EMPI index. It was found that no crisis was signaled by this index during the years 2018 and 2019, which means that the policy of gradual flexibility of the exchange rate regime, which entered into force in January 2018, played a key role in this sense. Consequently, this reform would undoubtedly have reduced the pressure on the exchange rate by making the Moroccan economy more resilient and less vulnerable to exogenous shocks. Thus, 8 periods of crisis were identified with significantly high probabilities. Among these 8 periods we can distinguish 3 periods which have been planned with more intensity in particular in the second half of the year 2008, in the first half of the year 2012 and 2017.