Moroccan Dirham Drops by 0.37% Against Euro, Rises by 0.57% Against Dollar

Rabat – The Moroccan dirham has depreciated by 0.37 percent against the euro and appreciated by 0.57 percent against the United States dollar in October 2017, according to Bank Al-Maghrib (BAM).

The central bank indicated the shift in exchange rates in its monthly review of the economic, monetary and financial situation in October 2017.

On the foreign exchange market, BAM noted that banks practically did not use its service between July and September, after major purchases of foreign currency between May and June for a total of MAD 41.1 billion.

In terms of interbank sector, the volume of foreign exchange for dirham averaged MAD10.6 billion, down by 15.4 percent from the average observed in the first eight months of the year.

The volume of banks’ forward transactions with customers stood at MAD9.7 billion, down by 30.4 percent compared to the monthly average recorded between January and August, with decreases of 22.8 percent for purchases and 51.2 percent for sales.

Under these conditions, the bank’s net foreign exchange position stood at MAD5.2 billion at the end of September, specifies BAM.