The dirham appreciated by 2.3% against the US dollar and by 0.31% against the euro in the third quarter of 2024, according to Bank Al-Maghrib (BAM). Likewise, compared to the currencies of the main emerging countries, the dirham appreciated by 9.03% against the Brazilian real, by 5.95% against the Turkish lira and by 1.21% against the Chinese yuan, specifies BAM in its recent report on monetary policy, published at the end of the fourth and final quarterly meeting of its Council for the year 2024.
As a result, and taking into account the inflation differential compared to Morocco’s commercial partners and competitors, the effective exchange rate appreciated by 1.11% in nominal terms and 0.90% in real terms.
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Regarding the volume of transactions, the average monthly amount of exchanges of visas against dirhams on the interbank market marked an annual drop of 32.4% in the third quarter to 42.5 billion dirhams (billion dirhams).
Concerning the banks’ cash transactions with their customers, they recorded annual increases of 12.3% to MAD 35.6 billion for sales and of 16.3% to MAD 36.8 billion for purchases.
Regarding futures operations, purchases increased by 11.7% to MAD 17.7 billion and sales fell by 13.2% to MAD 2.2 billion.
With MAP
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