Moroccan Dirham Gains Against Euro, Falls Versus Dollar in Q4 2024
The Moroccan dirham appreciated by 1.39% against the euro and depreciated by 1.49% against the US dollar in the fourth quarter of 2024, according to Bank Al-Maghrib (BAM).
Similarly, compared to the currencies of the main emerging countries, the national currency appreciated by 3.81% against the Brazilian real, by 1.53% against the Turkish lira and depreciated by 1.12% against the Chinese yuan, BAM specifies in its recent report on monetary policy, published at the end of the first quarterly meeting of its Council for the year 2025.
As a result, and taking into account the inflation differential compared to Morocco’s main trading partners and competitors, the effective exchange rate appreciated by 0.9% in nominal terms and by 0.6% in real terms.
Regarding the volume of transactions, the average monthly amount of foreign exchange transactions against dirhams on the interbank market recorded an annual decline of 37.7% in the fourth quarter to 42.3 billion dirhams (MMDH).
Regarding the spot operations of banks with their customers, they recorded increases of 8.7% to 38.3 MMDH for sales and 9.4% to 38.6 MMDH for purchases.
