Moroccan Dirham Strengthens Against Euro and Dollar in January

According to the indicators published by Bank Al-Maghrib (BAM), no auction operation has been carried out on the foreign exchange market since April 2018.

Regarding the volume of foreign exchange transactions against the dirham on the interbank market, it recorded an increase of 12.6 billion dirhams compared to the same month a year earlier and stood at 28.4 billion dirhams (MMDH) in December 2019.

As for the banks’ transactions with customers, their volume stood in December at 26.2 MMDH for spot purchases and 13.8 MMDH for forward purchases, compared to 24.6 MMDH and 9.9 MMDH respectively a year earlier. As for sales, they recorded an amount of 25.3 MMDH for spot transactions and 5.1 MMDH for forward transactions, after 22.2 MMDH and 3.2 MMDH respectively.

Furthermore, BAM states that the net foreign exchange position of banks, calculated as the difference between banks’ foreign exchange claims and liabilities, was negative at 1.1 MMDH at the end of January, after a balance of -2.1 MMDH at the end of December 2019.