Bank Al-Maghrib (BAM) reports that between February and March 2023, the Moroccan dirham (MAD) depreciated by 0.40% against the US dollar and by 0.32% against the euro.
In its April 2023 Monthly Review of the Economic, Monetary and Financial Situation, the Central Bank states that as far as BAM’s foreign currency auctions with banks are concerned, no auction has been held since December 2021.
At the level of the interbank market, the volume of foreign currency exchanges against dirhams amounted to MAD 69.6 billion in March 2023, up by MAD 22.5 billion from one year to another, BAM said.
As for the banks’ operations with customers, their volume amounted to MAD 33.5 billion for cash purchases and MAD 22.9 billion for forward purchases, against MAD 34.2 billion and MAD 28.4 billion respectively one year earlier.
As for sales, they amounted to MAD 37.5 billion for spot transactions and MAD 4.1 billion for forward transactions, after MAD 40.1 billion and MAD 9.4 billion respectively.
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