The dirham appreciated by 0.95% against the euro and by 0.15% against the US dollar in the second quarter of 2024, according to Bank Al-Maghrib (BAM).
Compared to the currencies of the main emerging countries, the national currency appreciated by 5.40% against the Brazilian real, by 4.72% against the Turkish lira, by 0.89% against the Chinese yuan and by 0.58% against the pound sterling, BAM said in its report on monetary policy, published at the end of the third quarterly meeting of its Council for the year 2024.
As a result, the effective exchange rate appreciated by 1.50% in nominal terms and 0.71% in real terms, taking into account the evolution of the inflation differential with Morocco’s main trading partners and competitors.
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Regarding transactions, the average monthly volume of foreign exchange exchanges against dirhams on the interbank market marked an annual decrease of 19.4% in the second quarter to 48.5 billion dirhams (MMDH).
Concerning the cash operations of banks with their customers, they recorded annual declines of 0.9% to 34 billion dirhams for purchases and 1.6% to 34.1 billion dirhams for sales.
Regarding forward transactions, purchases increased by 2.1% to 17.1 billion dirhams on a monthly average and sales fell by 19% to 2.4 billion dirhams.
With MAP
