Moroccan Dirham Strengthens Against Euro, Central Bank Reports

According to Bank Al-Maghrib (BAM), the Moroccan dirham appreciated by 0.37% last month (April) against the euro and depreciated by 0.23% against the US dollar, according to the monthly review of the economic, monetary and financial situation for May 2019, reported by the MAP.

During the same period, BAM did not carry out any auctions, according to the same source, which reports a foreign exchange volume against the dirham of some 18.3 billion dirhams, up 14.3% compared to the first three months of the year.

As for banking transactions with customers, they amounted to 26 billion dirhams last month for spot purchases and 13 billion dirhams in the short term, compared to 21.4 billion dirhams and 10.5 billion dirhams between January and March, the MAP specifies.