The Moroccan dirham recorded a notable appreciation of 2.3% against the US dollar and 0.31% against the euro during the third quarter of 2024, according to the latest report from Bank Al-Maghrib ( BAM) on monetary policy. Against the currencies of the main emerging countries, the national currency also increased by 9.03% against the Brazilian real, by 5.95% against the Turkish lira, and by 1.21% against the Chinese yuan.
In real terms, and taking into account the inflation gap with Morocco’s commercial partners and competitors, the effective exchange rate of the dirham marked an increase of 1.11% in nominal terms and 0.90% in real terms, reflecting a better performance of the national currency in a complex global economic context.
In terms of interbank exchanges, the average monthly volume of currency transactions against dirhams reached 42.5 billion dirhams (billion dirhams), recording an annual decline of 32.4%. Concerning cash transactions between banks and customers, sales increased by 12.3% to MAD 35.6 billion, while purchases increased by 16.3% to MAD 36.8 billion.
Finally, for futures transactions, purchases increased by 11.7% to MAD 17.7 billion, while sales fell by 13.2% to MAD 2.2 billion. These developments demonstrate stable dynamics on the foreign exchange market, supported by the resilience of the dirham in the face of international economic fluctuations.
M.Ba.
Business
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