The Moroccan dirham appreciated by 0.3% against the US dollar and by 1.7% against the euro in the first quarter (Q1) of 2025, according to Morocco’s central bank, Bank Al-Maghrib (BAM).
Compared to the currencies of the main emerging countries, the national currency appreciated in Q1-2025 by 5.2% against the Turkish lira, 2% against the British pound, and 1.4% against the Chinese yuan, BAM stated in its latest monetary policy report.
With regard to transaction volumes, the average monthly amount of currency exchanged against the dirham in the interbank market registered an annual decline of 8.7% in Q1, reaching MAD 45.9 billion.
Regarding banks’ spot operations with their clients, purchases by clients increased by 10.3% to MAD 37.2 billion, while sales decreased by 1% to MAD 34 billion.
As for forward transactions, sales grew by 25% to MAD 18.5 billion, and purchases increased by 48.8% to MAD 5.1 billion.
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