Moroccan Dirham Strengthens Against Euro and Dollar, Central Bank Reports

Regarding the foreign exchange auction operations of the central bank, no session has been held since December 2021, the Bank specifies in its recent monthly review of the economic, monetary and financial situation.

On the interbank market, the volume of foreign exchange transactions against dirhams stood at 52.6 billion dirhams (MMDH) in May 2024, down 16.3% year-on-year.

As for the banks’ operations with customers, their volume stood at 38.4 MMDH for spot purchases and 19.6 MMDH for term purchases, compared to 36.7 MMDH and 18.8 MMDH respectively a year earlier.

Spot sales, on the other hand, amounted to 36.3 MMDH, compared to 35.7 MMDH in May 2023, while term sales remained almost stable at 2.7 MMDH.