The Moroccan Dirham (MAD) depreciated by 1.18% against the US dollar (USD) and gained 0.59% on the Euro between September and October, according to Morocco’s Central Bank, Bank Al-Maghrib (BAM).
Since December 2021, no BAM foreign exchange auctions have been held, the Central Bank said in a recent report.
On the interbank market, the volume of currency exchanges against dirhams stood at MAD 38.4 billion last September, down 36% on September 2023.
As for banks’ operations with customers, the volume of spot purchases amounted to MAD 38 billion and forward purchases to MAD 15.7 billion, against MAD 30.2 billion and MAD 15.2 billion respectively a year earlier.
Spot sales amounted to MAD 33.8 billion, compared with MAD 31.1 billion in September 2023. Forward sales remained virtually unchanged at MAD 2.9 billion.
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