Rabat – An error on the world’s largest search engine Google resulted earlier today in mass panic online as people believed the Moroccan dirham to have lost close to 70% of its value.
While the Moroccan dirham currently trades at around MAD10 per $1, Google search results show that it dropped to MAD 17 per $1 on Wednesday evening.
The glitch was corrected less than two hours later, with the top Google search showing again that the real value of the Moroccan dirham against the US dollar is set at 10.17.
The error has also extended to the Moroccan dirham’s values against other benchmark currencies including the Euro, as it showed that €1 was worth MAD18.
The error however only occurred on the level of the Google top search results. A visit to the leading currency exchange platforms shows that the value of the Moroccan dirham remained stable throughout the day.
Google’s malfunction triggered widespread panic among Moroccan internet users as they wondered what calamity could have struck the country’s economy to cause its currency to plummet.
In theory, however, such an event is unlikely to happen as the exchange rate of Morocco’s currency is decided by the country’s central bank, Bank Al-Maghrib, and it is only allowed to deviate from said exchange rate by 2.5%.
The country’s central bank refused the IMF’s proposal to allow its currency to fluctuate further in 2022.
Read Also: Morocco Refused IMF Proposal to Adopt More Flexible Currency Exchange Rate
