Moroccan Dirham Weakens Against Euro and Dollar in Early 2022

During the first month of 2022, no offer was recorded as part of the currency auctions, Bank Al-Maghrib (BAM) indicates in its latest monthly review of the economic, monetary and financial situation.

On the interbank market, the average daily volume of foreign exchange transactions against dirhams stood at 28.9 billion dirhams (MMDH) in December 2021, up 3.7 MMDH compared to the same month a year earlier, the same source specifies.

As for the banks’ operations with customers, their volume stood at 35.2 MMDH for spot purchases and 18.9 MMDH for term purchases, compared to 32.2 MMDH and 15.4 MMDH respectively a year earlier.

Sales, on the other hand, amounted to 43.4 MMDH for spot transactions and 12.7 MMDH for term transactions, compared to 30.6 MMDH and 5 MMDH respectively. Thus, the banks’ net foreign exchange position came out virtually unchanged at -3.7 MMDH at the end of December.