Moroccan Dirham Strengthens Against Euro and Dollar, Central Bank Reports

The central bank notes in its review of the economic, monetary and financial situation in November 2020 that with regard to BAM’s operations with banks, no auction session has been held since April 2018. As for the interbank market, the volume of foreign exchange transactions against the dirham stood at 30.9 billion dirhams (MMDH) last September, up 2.4 MMDH compared to the same month in 2019.

Regarding banks’ transactions with customers, their volume stood in September at 24.9 MMDH for spot purchases and 10.1 MMDH for term purchases, compared to 23.5 MMDH and 7.7 MMDH respectively a year earlier.

As for sales, they amounted to 22.4 MMDH for spot transactions and 2.4 MMDH for term transactions. As for the banks’ net foreign exchange position, it stood at 3.7 MMDH at the end of September, after 6.6 MMDH at the end of August 2020.