Moroccan Dirham Weakens Against Euro and Dollar in Q4 2022, Central Bank Reports

No auction session has been held since December 2021 as part of BAM’s foreign exchange auction operations with banks, the central bank says. As a result, the banks’ deficit foreign exchange position improved to 692.9 million dirhams at the end of December.

Compared to the currencies of the main emerging countries, the dirham appreciated by 1% against the Turkish lira and 1.11% against the Chinese yuan, BAM says, adding that the effective exchange rate fell by 2.28% in nominal terms and 2.75% in real terms.

Regarding foreign exchange transactions, the average volume of spot transactions of banks with customers recorded, in Q4-2022, an annual increase of 18.5% to 42.3 billion dirhams (MMDH) for sales and 29.1% to 41.1 MMDH for purchases. As for forward transactions, they increased by 79.9% to 30.2 MMDH for purchases and 79.5% to 11.8 MMDH for sales, the central bank also specifies.