Moroccan Dirham Strengthens Against Euro, Weakens vs Dollar in July

Regarding Bank Al-Maghrib’s foreign exchange auction operations with banks, no session has been held since December 2021, the central bank said, while specifying that the banks’ net foreign exchange position was in deficit of 6.2 billion dirhams at the end of July, unchanged from the end of June.

On the interbank market, the volume of foreign exchange transactions against dirhams amounted to 45.9 billion dirhams (MMDH) in July 2022, up 34.7 billion from the same period a year earlier.

BAM also reports that the volume of banks’ transactions with customers amounted to 36.3 MMDH for spot purchases and 31.7 billion for forward purchases, compared to 22.1 billion and 13.1 MMDH respectively a year earlier. As for sales, they amounted to 42.9 billion for spot transactions and 6.5 billion for forward transactions, after 25.4 billion and 2 MMDH respectively.