The Dirham Strengthens Against the Euro and Weakens Against the Dollar: Bank Al-Maghrib Report

Bank Al-Maghrib reported that the dirham appreciated by 0.8% against the euro and depreciated by 0.6% against the US dollar between November and December 2024.

In its latest monthly bulletin on economic, monetary, and financial conditions, the central bank stated that no foreign currency auction sessions have been held since December 2021.

Furthermore, in the interbank market, the volume of foreign currency exchanges against the dirham reached 40.2 billion dirhams in November 2024, marking a 41.4% decrease compared to November 2023.

Regarding bank operations with customers, the volume of cash purchases amounted to 32.9 billion dirhams, while forward purchases totaled 16.1 billion dirhams, compared to 31.7 billion dirhams and 20.8 billion dirhams recorded a year earlier, respectively.

As for cash sales, they amounted to 34.2 billion dirhams, while forward sales stood at 2.4 billion dirhams, compared to 34 billion dirhams and 5.1 billion dirhams in the same month of the previous year.