The dirham appreciated by 0.47% against the euro and 1.39% against the US dollar in the first quarter of 2024, according to Bank Al-Maghrib (BAM).
« During the first quarter of 2024, the euro appreciated by 0.90% against the US dollar. In this context, the value of the dirham increased by 0.47% against the euro and by 1.39% against the US dollar.“, indicates BAM in its recent report on monetary policy.
Compared to the currencies of the main emerging countries, the dirham appreciated in particular by 10.06% against the Turkish lira, by 1.28% against the Brazilian real and by 0.89% against the Chinese yuan.
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Consequently, and taking into account the evolution of the inflation differential compared to Morocco’s commercial partners and competitors, the effective exchange rate increased by 1.19% in nominal terms and decreased by 0.54% in real terms. .
With regard to foreign currency transactions, the average volume of banks’ cash transactions with customers recorded, in Q1-2024, annual increases of 8.4% to 33.7 billion dirhams (billion dirhams) for sales. and 8.4% to MAD 34.4 billion for purchases.
Regarding futures operations, they recorded drops of 19.4% to MAD 13.8 billion on average for purchases and of 14.2% to MAD 3.3 billion for sales.
With MAP
