Bank Al-Maghrib reported that the dirham rose by 0.47 percent against the euro and by 1.39 percent against the US dollar during the first quarter of 2024.
The Bank of Morocco explained, in its latest report on monetary policy, that during the first quarter of 2024, the euro rose by 0.90 percent against the US dollar. In this context, the value of the dirham rose by 0.47 percent against the euro and by 1.39 percent against the US dollar.
Compared to the currencies of the most prominent emerging countries, the national currency rose in particular by 10.06 percent compared to the Turkish lira, 1.28 percent against the Brazilian real, and 0.89 percent against the Chinese yuan.
Therefore, taking into account the development of inflation compared to Morocco’s trading partners and competitors, the effective exchange rate recorded an increase of 1.19 percent in nominal terms, and by 0.54 percent in real terms.
Regarding foreign currency transactions, the average volume of operations on behalf of banks with customers, during the first quarter of 2024, recorded annual increases of 8.4 percent to 33.7 billion dirhams for sales operations, and of 8.4 percent to 34.4 billion dirhams for purchase operations.
As for futures operations, they recorded decreases of 19.4 percent to 13.8 billion dirhams for purchases, and of 14.2 percent to 3.3 billion dirhams for sales.
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2024-06-30 21:10:15