Dirham Falls for Fifth Straight Week, Adding 222 Dirhams to the Cost of €1,000

Between September 24 and 30, the dirham depreciated by 0.5% against the euro and 0.9% against the US dollar, according to the latest weekly indicators from Bank Al-Maghrib. The European currency ended the period at 10.998 dirhams, compared with 10.945 a week earlier.

On Bladi.net : The dirham falls for a fourth consecutive week: €1,000 now fetches 169 more dirhams

For €1,000, the equivalent value thus rose from 10,945 to 10,998 dirhams, an increase of 53 dirhams in one week. For €5,000, the difference reaches 265 dirhams.

The rise took shape mainly in the final trading sessions. After a slight dip to 10.935 dirhams on September 24, the euro rebounded to 10.959 on the 28th, then to 10.967 on the 29th. By September 30, it was just two thousandths of a dirham short of reaching the 11-dirham mark.

€1,000 buys 222 more dirhams after five weeks

This latest move extends the trend seen since the end of August. On August 27, one euro was still worth 10.776 dirhams. It then rose to 10.815 on September 2, 10.890 on the 9th, 10.907 on the 16th and 10.945 on the 23rd.

Over five weeks, €1,000 therefore rose in value from 10,776 to 10,998 dirhams. The cumulative difference reaches 222 dirhams, compared with 169 a week earlier. For €5,000, it now amounts to 1,110 dirhams.

These calculations are based on reference rates. When exchanging money or transferring it to Morocco, the amount received depends on the rate offered by the institution and the fees charged.

On Bladi.net : The dirham falls again: 1,000 euros now bring in 75 more dirhams

The dollar also gained, rising from 9.591 to 9.682 dirhams between September 23 and 30. For $1,000, that represents an additional 91 dirhams in one week. Bank Al-Maghrib carried out no auction transactions on the foreign exchange market during this period.