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Rabat – Morocco’s central bank, Bank Al-Maghrib, announced that the Moroccan dirham appreciated by 0.28% against the euro and depreciated by 0.14% against the dollar between September and October.
Bank Al-Maghrib also indicated in its review of the economic, monetary, and financial conditions of November 2020 that the foreign exchange market did not record any auction operations since April 2018.
The central bank also announced that the volume of bank transactions with customers reached MAD 42.9 billion ($4.7 billion) for cash purchases and MAD 10.1 billion ($1.1 billion) for forward purchases. In 2019, the figures stood at MAD 23.5 billion ($2.5 billion) and MAD 7.7 billion ($844 million), respectively.
In terms of sales, Bank Al-Maghrib reported MAD 22.1 billion ($2.4 billion) for spot transactions and MAD 2.4 billion ($263 million) for forward transactions.
On the interbank market, the volume of currency exchanges against the Moroccan dirham stood at MAD 30.9 billion ($3.39 billion) in September, an increase of MAD 2.4 billion ($263.1 million) compared to the same period in 2019.
Moroccan banks’ net foreign exchange position, which provides information on the actual currency availability of the banking system, stood at MAD 3.7 billion ($405 million) at the end of September. The figure declined from the end of August, when it was MAD 6.6 billion ($723 million).
Bank Al-Maghrib confirmed that the Moroccan All Shares Index (MASI) increased by 1.8% during the second week of October. The development helped reduce the underperformance gap it has witnessed this year, bringing it to 14.7%.
