Home Economy Dirham Up by 0.13% Against Euro: Bank Al Maghrib

Dirham Up by 0.13% Against Euro: Bank Al Maghrib

The Pros and Cons of a Flexible Exchange Rate

Rabat – During the first week of the new flexible exchange-rate, the dirham appreciated by 0.13 percent against the euro and fell by 0.28 percent against the dollar, according to the figures of Bank Al Maghrib.

The dirham flexibilization reform unfolded calmly since its launch January 15, with dirham prices stabilizing around their pre-reform rates. In a recent note, the Moroccan central bank affirms proceeding to four foreign currency sales operations for a total amount of USD 12 million, with an average price of MAD 9.2416.

READ ALSO: Fuel Prices Jump 48 Hours After Dirham Liberalization

On Friday, Bank Al Maghrib did not serve any amount during the auction of January 19. During this session, the commercial banks, showing sufficient foreign reserves, did not seek any auction from the central bank.

READ ALSO: Dirham Exchange Rate Reform: the Clarifications of Jouahri and Boussaid

The Central Bank’s indicators for this week also show that net international reserves remained virtually unchanged at MAD 241.5 billion.

@Bank Al Maghrib @Bank Al Maghrib @Bank Al Maghrib @Bank Al Maghrib

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