Moroccan Dirham Gains Ground Against Dollar and Euro in June
The Moroccan dirham strengthened in June, posting a 0.54% increase against the dollar and a 0.84% increase against the euro, according to data published by Bank Al-Maghrib (BAM).
Regarding the interbank market, a significant increase was observed in foreign exchange transactions against dirhams, with the volume reaching 70.2 billion dirhams (MMDH) in May 2023. This is an increase of 36.5 MMDH compared to the previous year.
Furthermore, banking transactions with customers have also increased. The volume of spot purchases amounted to 33.2 MMDH and 18 MMDH for term transactions, compared to 32.4 MMDH and 24.6 MMDH a year earlier. As for sales, they concerned 33.3 MMDH for spot transactions and 2.5 MMDH for term transactions, after 40.3 MMDH and 5.1 MMDH respectively.
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