Moroccan Dirham Weakens Against Euro and Dollar in Q4 2022, Central Bank Reports
The Moroccan currency depreciated by 3.86% against the euro and 2.67% against the US dollar in the fourth quarter of 2022. This is specified by Bank Al-Maghrib (BAM) in a recent report on monetary policy.
No auction session has been held since December 2021 as part of BAM’s foreign exchange auction operations with banks, the central bank says. As a result, the banks’ deficit foreign exchange position improved to 692.9 million dirhams at the end of December.
Compared to the currencies of the main emerging countries, the dirham appreciated by 1% against the Turkish lira and 1.11% against the Chinese yuan, BAM says, adding that the effective exchange rate fell by 2.28% in nominal terms and 2.75% in real terms.
Regarding foreign exchange transactions, the average volume of spot transactions of banks with customers recorded, in Q4-2022, an annual increase of 18.5% to 42.3 billion dirhams (MMDH) for sales and 29.1% to 41.1 MMDH for purchases. As for forward transactions, they increased by 79.9% to 30.2 MMDH for purchases and 79.5% to 11.8 MMDH for sales, the central bank also specifies.
