Moroccan Dirham Strengthens Against Dollar, Weakens vs Euro in December

In its monthly review of the economic, monetary and financial situation for January 2021, the central bank notes that no auction session has been held since April 2018.

In the interbank market, the volume of foreign exchange transactions against the dirham reached 25.2 billion dirhams (MMDH) in December, down 3.3 MMDH compared to the level recorded in the same month of 2019.

As for the volume of transactions by banks with customers, it stood at 32.2 MMDH for spot purchases and 15.3 MMDH for term purchases, compared to 26.2 MMDH and 13.8 MMDH respectively a year earlier.

During this period, sales amounted to a total of 30.6 MMDH for spot transactions and 5 MMDH for term transactions, after 25.3 MMDH and 5.1 MMDH a year earlier.

In this context, the net foreign exchange position of banks stood at a positive 7.6 MMDH at the end of December, according to the central bank.