Moroccans Abroad are in Morocco, but fewer of their euros are reaching exchange offices
The beginning of summer was less dynamic than expected for exchange offices in Morocco. Despite the arrival of Moroccans Abroad, the volume of transactions fell in July compared with the same periods in previous years, before picking up again in early August.
The president of the Moroccan Federation of Exchange Companies confirmed this uneven start to Hespress. The sector is now counting on the rest of August to make up for part of the shortfall.
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Around 70% of the exchange transactions carried out in recent weeks by Moroccans Abroad arriving in Morocco involved the euro. At the same time, Moroccans are buying foreign currencies for their own holidays abroad.
Exchange offices are building up their euro reserves
Professionals are mainly seeking to accumulate enough euros during the arrival period. These reserves will be used to meet demand at the end of August and beginning of September, when many Moroccans Abroad will hit the road back to Europe.
The sector is also seeing an increase in payments by international card. Since the regulation of electronic transactions by the Foreign Exchange Office, customers can exchange money using a foreign card rather than only banknotes.
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After the downturn in July, the improvement observed in early August has therefore become crucial for exchange offices, which are entering the busiest period of the summer season.
