Moroccan Dirham Rebounds, Cutting the Value of €1,000 by 153 Dirhams in a Week
After six weeks of decline, the dirham has rebounded against the euro. Between October 7 and 14, the value of 1,000 euros fell by 153 dirhams. The reversal changes the picture for Moroccans living abroad.
The trend has reversed. On October 7, one euro was worth 11.162 dirhams. Seven days later, it fetched just 11.009 dirhams, according to the reference rates listed in the weekly indicators from Bank Al-Maghrib. For 1,000 euros, the amount thus falls from 11,162 to 11,009 dirhams, a decrease of 153 dirhams. For 5,000 euros, the difference reaches 765 dirhams.
On Bladi.net : Euro tops 11 dirhams as 1,000 euros now fetch 11,162 dirhams
The reversal comes after a long period that favored euro holders. The dirham had recorded five consecutive weeks of decline, followed by a sixth, bringing the cumulative gain to 386 dirhams per 1,000 euros since August 27. With this week’s recovery, that advantage has fallen to 233 dirhams.
The correction was even sharper at the start of the week. On October 12, the euro fell as low as 10.862 dirhams, compared with 11.162 five days earlier. The difference then stood at 300 dirhams per 1,000 euros. The European currency subsequently regained ground, without returning to its October 7 level.
The dollar also falls against the dirham
The Moroccan currency also strengthened against the US dollar, appreciating by 1.26% over the week, compared with 1.39% against the euro. The greenback, which had approached the 10-dirham mark in early October, fell from 9.977 dirhams on October 7 to 9.852 dirhams on October 14. For 1,000 dollars, that amounts to 125 dirhams less.
On Bladi.net : Euro Falls Against Dirham: MRE Exchange Rates Drop
Meanwhile, Morocco’s official foreign exchange reserves remain high. They stood at 515.4 billion dirhams on October 9, down slightly by 0.1% over a week but up 22.6% year on year.
For MREs transferring euros to Morocco, the dirham’s recovery reduces the amount received when converting their money. Conversely, people who need to buy euros with dirhams benefit from a more favorable rate. However, the calculations are based on Bank Al-Maghrib’s reference rates: rates charged by banks, currency exchange offices and money transfer services, as well as their fees, can change the amounts actually exchanged.
