Rabat– The Moroccan Dirham exhibited mixed performance against major currencies in the final months of 2024, according to the latest economic report from Bank Al-Maghrib (BAM), Morocco’s central bank.
Between November and December, the Dirham appreciated by 0.8% against the euro while simultaneously depreciating by 0.6% against the US Dollar (USD).
The central bank also reiterated that it has not conducted any foreign exchange auctions since December 2021, a policy outlined in its monthly economic, monetary, and financial review.
Trading activity on the interbank market saw a significant decline in November 2024, reaching MAD 40.2 billion (4.05 billion USD), a 41.4% decrease compared to the same period in 2023.
Bank-client operations followed a similar trend, with spot purchases totaling MAD 32.9 billion ($ 3.32 billion) and forward transactions reaching MAD 16.1 billion ($ 1.62 billion). These figures represent a slight decrease from November 2023, where spot purchases amounted to MAD 31.7 billion($ 3.19 billion) and forward transactions stood at MAD 20.8 billion ($ 2.10 billion).
BAM also reported a slight decline in currency sales in November 2024, with spot sales reaching MAD 34.2 billion ($3.44 billion USD) and forward sales totaling MAD 2.4 billion ($ 242.4 million).
These numbers represent a slight decrease compared to November 2023, where spot sales amounted to MAD 34 billion ($3.43 billion) and forward sales reached MAD 5.1 billion ($ 515 million).
Between January 6 and 10 last year, the Moroccan Dirham depreciated by 0.29% against the US Dollar, moving from 10.10 to 10.07. This depreciation was primarily attributed to a negative market effect of -0.36% on the Dirham, although a slight positive impact of +0.07% was observed from the basket effect.
The liquidity spreads for the Dirham improved, reaching -1.78%, with export flows helping to maintain these spreads in negative territory. In 2024, Morocco saw a record 17.4 million tourists. Due to market uncertainty, the Association of Moroccan Exporters (AGR) recommends exporters cover their operations for the next three months.
