The dirham appreciated by 1.89% against the Dollar and depreciated by 0.89% against the Euro in December 2020, Bank Al-Maghrib (BAM – Central Bank) has said.
During this period, no auction operations were carried out on the foreign exchange market, according to BAM’s monthly review of economic, monetary and financial conditions in January 2021.
On the interbank market, the volume of currency exchange against the dirham reached MAD25.2 billion in December 2020, which is 3.3 billion dirhams less than the figure reported a year before.
The volume of banks’ transactions with customers amounted to 32.2 billion dirhams for cash purchases and 15.3 billion dirhams for futures purchases, against 26.2 billion and 13.8 billion respectively in December 2019, according to the same source.
During the same period, sales totaled MAD 30.6 billion for cash transactions and MAD 5 billion for futures transactions, compared to MAD 25.3 billion and MAD 5.1 billion recorded respectively a year before.
The banks’ net foreign exchange position came out positive at 7.6 billion dirhams by the end of December 2020, BAM reported.
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