Moroccan Dirham Weakens Against Euro and Dollar in October, Bank Al-Maghrib Reports

No foreign exchange auction sessions have been held since December 2021, Bank Al-Maghrib (BAM) said in its recent monthly review of the economic, monetary and financial situation.

On the interbank market, the volume of foreign exchange transactions against dirhams stood at 56.1 billion dirhams (MMDH) in October 2022, up 43.8 MMDH compared to the same period a year earlier.

As for the volume of transactions by banks with customers, it amounted to 35.7 MMDH for spot purchases and 27.4 MMDH for term purchases, compared to 28.5 MMDH and 13.5 MMDH respectively a year earlier.

Sales, on the other hand, amounted to 39.5 MMDH for spot transactions and 8.5 MMDH for term transactions, after 28.3 MMDH and 3.8 MMDH. Under these conditions, the net foreign exchange position of banks was in deficit at 1.4 MMDH at the end of October, unchanged from the previous month, BAM said.