The Moroccan dirham dropped by 2.47% against the US dollar and rose by 1.21% against the euro by the end of July, according to Bank Al-Maghrib (BAM).
Regarding BAM’s foreign currency auctions with banks, no session has been held since December 2021, according to the recent monthly review of the economic, monetary, and financial situation of the Central Bank.
On the interbank market, the volume of foreign exchange against the Moroccan dirham amounted to MAD 45.9 billion in July 2022, up MAD 34.7 billion compared to the same period a year earlier, added the same source.
Regarding the operations of banks with customers, their volume totaled MAD 36.3 billion for cash purchases, and MAD 31.7 billion for those in terms, up compared to MAD 22.1 billion, while down compared MAD 13.1 billion recorded respectively a year earlier, further stated the same source.
Sales reached an amount of MAD 42.9 billion for cash operations, and MAD 6.5 billion for term operations, up compared to MAD 25.4 billion and MAD 2 billion recorded respectively in the same period last year, added BAM.
The net foreign exchange of banks emerged as a deficit of MAD 6.2 billion by the end of July, remaining unchanged since the end of June, according to the same source.
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