Moroccan Dirham Weakens Against Euro, Strengthens vs Dollar in Late 2022

In its monthly review of the economic, monetary and financial situation for January 2023, Bank Al-Maghrib (BAM) indicates that with regard to its foreign exchange auction operations, no session has been held since December 2021.

On the interbank market, the volume of foreign exchange transactions against dirhams stood at 38.1 billion dirhams (MMDH) in December 2022, up 9.2 MMDH year-on-year, the same source specifies.

As for the banks’ operations with customers, their volume stood at 45.7 MMDH for spot purchases and 25.9 MMDH for term purchases, compared to 35.2 MMDH and 18.9 MMDH respectively a year earlier.

Sales, on the other hand, amounted to 42.8 MMDH for spot transactions and 13 MMDH for term transactions, after 43.4 MMDH and 12.7 MMDH respectively.