| Summary: | Through the analysis of the interactions between monetary policy strategy and exchange rate regimes adopted in Morocco, the particularity of this article is that it does not study the impact of exchange rate policy and/or monetary policy on economic indicators, but rather to that, it analyzes the implication of the reform affecting exchange rate policy on the need for another reform affecting monetary policy. I thus show in this article that inflation targeting, which Bank Al-Maghrib plans to adopt following the gradual abandonment of the exchange rate anchor, is not adapted to the nature of economic shocks in Morocco and would only penalize the Moroccan economy. I therefore recommend as an alternative strategy, the possible adoption of nominal GDP targeting instead of inflation targeting, in order to improve the transmission of monetary policy to economic activity.
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