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This present aims to treat the causal link between exchange rate fluctuations and the economy, based on the case of Morocco, this problem of volatility of rates has been imposed for a long time and has been accentuated by the implementation of the new reform of the exchange rate system.
Starting from the notion of the exchange rate system, this study explores the different phases through which the exchange rate regime has shifted, the shift from fixity to flexibility, and the impact of this shift on the country's overall monetary policy.
Moreover, in this document, I aim to treat the opening of the Moroccan economy to the international and the shocks that can exist there, with the necessary adjustments.
Ultimately, this work infers that Dirham’s value has many other key determinants besides the trade balance imbalance and that the flexibilization of the Dirham is a reform that will allow the Kingdom to cope best, to unexpected shocks, comparing it with the old system that was adopted. A conclusion with the prospects of development of this project seems interesting.

Exchange rate - Flexibility of the regime - Shocks - Volatility - International opening - Morocco --- Sciences économiques & de gestion > Finance