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The Moroccan dirham saw noticeable growth, making noteworthy gains against the US dollar and Euro between November and December 2023, as reported by Morocco’s Central Bank (Bank Al-Maghrib/BAM).
According to BAM’s Monthly Review of the Economic, Monetary, and Financial Situation, the Moroccan dirham appreciated by 1.08% against the US dollar during this period. The national currency also exhibited a more modest increase of 0.16% against the Euro.
The report highlights the absence of foreign currency auctions conducted by Bank Al-Maghrib in collaboration with banks since December 2021.
In the interbank market, the data reveals a substantial year-on-year surge of 91.2% in the volume of foreign currency exchanged for dirhams, reaching a noteworthy MAD 77.3 billion in November 2023.
Further insights into banks’ transactions with customers reveal intriguing trends. In November, spot purchases amounted to MAD 27.5 billion, with forward purchases totaling MAD 21.1 billion. These figures mark a shift from the previous year, where the corresponding values were MAD 41.7 billion and MAD 37.2 billion, respectively.
Sales transactions demonstrated a decline in volume, with spot transactions totaling MAD 29.4 billion and forward transactions amounting to MAD 5 billion. A comparative analysis with the previous year’s figures of MAD 44.5 billion and MAD 13.9 billion highlights the evolving dynamics within the Moroccan forex market.
The recent performance of the national currency (MAD) is proof of a combination of stability and adaptability, reflecting positively on the country’s economic outlook and resilience in the face of global economic uncertainties.
Read Also: Moroccan Dirham Remains Stable Against Euro, Rises Against US Dollar
