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Rabat – Google glitches continue to cause widespread panic in Morocco, with Google Finance showing that $1 trades at MAD 14 while the actual exchange rate stands at MAD 10.
In recent days, Google algorithms have triggered concern in Morocco as it has led to the belief that Morocco’s national currency, the Moroccan dirham (MAD) is devaluing fast against the benchmark currency, the US dollar (USD).
The error however only occurred on the level of the Google top search results. A quick visit to other specialized currency exchange platforms shows that the Moroccan currency remains largely stable.
The first glitch occurred exactly a week ago when Google’s top research results showed the Moroccan dirham dropping to MAD 17 per $1.
The error was rectified less than two hours later, restoring the Moroccan dirham to its true value at MAD 10.17 per $1.
Read also: Moroccan Dirham: The Geopolitics Behind Google Currency Glitch
The error had also extended to the Moroccan dirham’s values against other benchmark currencies including the Euro, as it showed that €1 was worth MAD18.
Google’s malfunction last week caused widespread panic among Moroccan internet users as they speculated that the economy was experiencing an unknown major economic mishap that caused its currency to plummet.
The exchange rate of Morocco’s national currency is set by the country’s central bank and is only allowed to free float in a controlled regime of 2.5. As a result, the event of the MAD losing 70% of its value overnight remains highly unlikely.
