Moroccan Dirham Strengthens Against Dollar, Boosting Importer Prospects

In its latest weekly bulletin, the indicators of Bank Al-Maghrib (BAM) specify that the Moroccan currency appreciated by 0.18% against the dollar and the bank’s average reference exchange rate indicated that the dollar was traded at 10.15 dirhams on Tuesday, April 18. This appreciation of the dirham against the dollar should benefit importers.

In a statement to Le360, Omar Bakkou, an economist specializing in exchange rate policy, estimates that the appreciation of the dirham should have a positive impact on the import bill, with nearly 50% of Moroccan imports being denominated in dollars, particularly energy products. He notes that Moroccan importers should pay less for their foreign purchases thanks to a stronger dirham.

According to the specialist, this situation should consequently alleviate Morocco’s trade balance, which has been heavily impacted by the inflationary shock. At the end of 2022, the Kingdom’s trade deficit increased by 56.5% to reach −311,627 million dirhams.