The value of the Moroccan dirham has remained relatively stable since 1990, trading at an average of 8.54 against the U.S. dollar between 1990 and 1996. Until 1996, the central bank, Bank Al-Maghrib, set the exchange rate of the dirham against a group of currencies of its main trading partners. Since 1996, the government has allowed the exchange rate to fluctuate within certain limits based on the same group of foreign currencies. European currencies in the mix carry a larger weight than other currencies. This arrangement makes the dollar more volatile than the European currencies against the dirham. As a result of a stronger dollar, the value of the Moroccan dirham has depreciated by an average of 19 percent against the dollar, while the euro has fallen more than 27 percent against the dollar since January 1999. The government has refused to devaluate the dirham. In January 2000, the exchange rate was 10.051 dirhams to US$1.