Moroccan Dirham Weakens Against Euro, Strengthens vs Dollar in Q3 2020

In a report on monetary policy, the central bank specified that the Moroccan currency appreciated by 11.20% against the Turkish lira, 1.8% against the pound sterling and 3.33% against the Chinese yuan.

Regarding the effective exchange rate, it appreciated by 1.83% in nominal terms and 3.65% in real terms. As for foreign exchange transactions, the average volume of spot transactions by banks with customers increased by 12.8% to 21.9 billion dirhams for sales and by 12.6% to 20.4 billion dirhams for purchases.

As for forward purchases, they increased by 27.8% to 10.3 billion dirhams and forward sales stood at 2.6% to 2.7 billion dirhams.

In addition, BAM assures that it did not carry out any foreign exchange purchase or sale operations with banks during the same period. At the end of September, the net foreign exchange position of banks stood at 3.7 billion dirhams against 5.2 billion dirhams at the end of June 2020.