What Happened In a press conference on Feb. 20, Moroccan Finance Minister Mohamed Benchaaboun mentioned the possibility that the country would move forward with a plan to allow the value of its currency, the dirham, to float. Bank al-Maghrib Governor Abdellatif Jouahri reacted with a measure of caution, characterizing the next step of the process as a "second step of the first phase" of further currency liberalization, ruling out the possibility that Morocco would immediately allow a full float of the dirham. Why It Matters A liberalization of the currency peg will allow the dirham to weaken relative to the currency of its most important trading partner, the European Union, although it will make key Moroccan imports such as oil more expensive. With the encouragement of the International Monetary Fund, Morocco has gradually relaxed its currency controls as a means of dealing with its economic struggles.