Google Currency Glitch Sparks False Alarm Over Moroccan Dirham Value

19 January 2023 – byPrince@Bladi · 1 min read

Some conversion platforms on Google seemed to indicate on Wednesday a sharp depreciation of the dirham against the euro, sparking a wave of reactions on social media. This is not the case, reassures Bank Al-Maghrib, which states that the value of one euro is around 11 dirhams.

No major change is to be reported in the exchange rates, Bank Al-Maghrib said in response to information from some currency conversion platforms on Google indicating that the euro is trading at 18.53 dirhams, suggesting a depreciation of the value of the dirham.

"Bank Al-Maghrib categorically denies this information and assures that the reference exchange rate for Wednesday, January 18, 2023 was around 11 DH for one euro," the institution said in a statement, recalling that "the Bank Al-Maghrib portal, as well as Bloomberg and Refinitiv" are the only reliable sources for the dirham exchange rates.

The information has sparked an avalanche of comments from Internet users who thought of a devaluation (a scenario incompatible with the flexibility regime), or a new widening of the dirham’s fluctuation band.

Category: Economy

Keywords:

Google Morocco Bank Al-Maghrib Moroccan Dirham Flexibility of the dirham Euro