Moroccan Dirham Strengthens Against Euro, Weakens vs Dollar in June

Regarding BAM’s operations with banks, no auction session has been held since April 2018, the central bank said in its monthly review of the economic, monetary and financial situation. On the interbank market, the volume of foreign exchange transactions against the dirham stood at 16.8 billion dirhams (MMDH) in June, down 4.2 MMDH compared to the same month of the previous year, the central bank said.

As for banks’ transactions with customers, their volume stood at 31.5 MMDH for spot purchases and 17.6 MMDH for term purchases, compared to 21 MMDH and 9.2 MMDH respectively a year earlier. As for sales, they amounted to 31.9 MMDH for spot transactions and 2.1 MMDH for term transactions, after 20.2 MMDH and 2.4 MMDH respectively.

The banks’ net foreign exchange position thus came out negative at 1.8 MMDH at the end of June, after -1.5 billion at the end of May, the central bank noted.