Moroccan Dirham Gains Strength Against Euro and Dollar in Q2 2024

Compared to the currencies of the main emerging countries, the national currency appreciated by 5.40% against the Brazilian real, 4.72% against the Turkish lira, 0.89% against the Chinese yuan and 0.58% against the pound sterling, the Moroccan central bank said in its report on monetary policy, published at the end of the third quarterly meeting of its Council for the year 2024.

As a result, the effective exchange rate appreciated by 1.50% in nominal terms and 0.71% in real terms, taking into account the evolution of the inflation differential with Morocco’s main trading partners and competitors.

Regarding transactions, the monthly average volume of foreign exchange transactions against dirhams on the interbank market showed an annual decline of 19.4% in the second quarter to 48.5 billion dirhams (MMDH).

For spot transactions by banks with their customers, they recorded annual declines of 0.9% to 34 MMDH for purchases and 1.6% to 34.1 MMDH for sales.

As for forward transactions, purchases increased by 2.1% to an average of 17.1 MMDH per month and sales fell by 19% to 2.4 MMDH.