The Moroccan dirham rose by 1.8 and 5.7% respectively in the whole of 2021 against the euro and the US dollar, said Bank Al-Maghrib in its annual report.
The rise against the US currency reflects market effects by 3.5% and the basket by 2.2%.
The report also highlighted that the dirham strengthened by 32% on average against the Turkish lira, and by 12.2% against the Brazilian real.
Additionally, the Moroccan dirham’s value fell by 1.5% against the British pound and 1.3% against the Chinese yuan, said the same source.
The effective exchange rate rose by 3.6% in nominal terms, due to the recording of an overall lower rate of internal inflation, while the increase reached 1.3% in real terms.
BAM further stated that in 2021 the exchange market recorded an important surplus of liquidity in foreign currencies, mainly due to the strong growth of transactions made by Moroccans living abroad, and the outstanding performance of exports, especially phosphates and their derivatives.
The report’s quarterly evaluations also indicated that this rise is of a circumstantial nature, and that the value of the national currency remains in line with the foundations of the national economy.
The bank launched starting September 20 tender operations for the purchase of currencies, noting that “the latter enabled the launch of a gradual move to bring the exchange rate closer to the central rate,” according to the same source.
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