Moroccan Dirham Strengthens Against Dollar, Weakens vs Euro in December

The year 2019 ended well for the Moroccan currency. The dirham appreciated by 0.30% against the dollar and depreciated by 0.22% against the euro in December, according to BAM in its monthly review of the economic, monetary and financial situation for January 2020.

As for Bank Al-Maghrib’s operations with banks, no auction session has been held since April 2018, the same source specifies.

On the interbank market, the volume of foreign exchange transactions stood at 29.9 billion dirhams (MMDH) in October 2019, up 19.5 MMDH compared to the same month a year earlier, BAM indicates.

The volume of banks’ transactions with customers stands at around 24.9 MMDH in October for spot purchases, an amount almost unchanged compared to the same period last year, and 14.9 MMDH for term purchases, compared to 10.5 MMDH a year earlier.

Sales, on the other hand, amounted to 26.1 MMDH for spot transactions and 2.8 MMDH for term transactions, after 25.2 MMDH and 4.7 MMDH respectively. Thus, the difference between banks’ foreign currency receivables and liabilities stands at 1.6 MMDH at the end of October, after a realization of 5 MMDH at the end of September.