Moroccan Dirham Strengthens Against Euro, Weakens vs Dollar in Q2 2022
The dirham appreciated by 0.37% against the euro and depreciated by 4.7% against the US dollar in the second quarter of 2022, according to the report of Bank Al-Maghrib (BAM) on monetary policy.
Compared to the currencies of the main emerging countries, the national currency appreciated by 7.72% against the Turkish lira and depreciated by 0.81% against the Chinese yuan, according to this report published following the quarterly meeting of the BAM Council.
In total, the effective exchange rate fell by 0.65% in nominal terms and 0.82% in real terms.
As for foreign exchange transactions, the average volume of spot transactions of banks with customers increased, in the second quarter of 2022, by 38% to 40.9 billion dirhams (MMDH) for sales and by 21.9% to 35.1 MMDH for purchases.
Similarly, forward transactions increased by 59.9% to 26.9 MMDH for purchases and by 122.9% to 6.2 MMDH for sales. As part of BAM’s foreign exchange auction operations with banks, no auction session has been held since December 2021.
Under these conditions, banks showed a deficit foreign exchange position of 6.2 MMDH at the end of June, compared to 3.6 MMDH observed at the end of March 2022.
