The Moroccan dirham dropped by 3.42% against the US dollar and by 1.25% against the euro between August and September 2022, according to Bank Al-Maghrib (BAM).
No session has been held since December 2021 on the foreign exchange auctions with banks, the central bank said in its recent monthly data on the financial situation.
On the interbank market, the volume of foreign currency exchanges against dirhams amounted to MAD 15.1 billion in August 2022, up by MAD 6.6 billion compared to the same period a year earlier, added the same source.
BAM further stated that operations of banks with customers reached MAD 36.4 billion for cash purchases and MAD 30.6 billion for forward purchases, up compared to respectively MAD 26.6 billion and MAD 12.9 billion one year earlier.
Morocco’s central bank sales totaled MAD 43.5 billion for purchase operations and MAD 6.5 billion for forward operations, up compared to MAD 29.8 billion and MAD 1.5 billion respectively.
Under these conditions, the net foreign exchange position of banks reached MAD 107 million at the end of August, down compared to a deficit situation of MAD 6.2 billion at the end of July, according to the same source.
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