Dirham Performance in the Fourth Quarter of 2024

According to Bank Al-Maghrib, the dirham appreciated by 1.39% against the euro and depreciated by 1.49% against the US dollar during the fourth quarter of 2024.

In its latest monetary policy report, published after the first quarterly meeting of its board for 2025, the bank stated that compared to the currencies of major emerging economies, the dirham strengthened by 3.81% against the Brazilian real and by 1.53% against the Turkish lira, while it declined by 1.12% against the Chinese yuan.

Taking into account inflation differentials with Morocco’s main trade partners and competitors, the effective exchange rate rose by 0.9% in nominal terms and by 0.6% in real terms.

Regarding transaction volumes, the average monthly volume of foreign exchange transactions against the dirham in the banking market declined by 37.7% year-on-year in the fourth quarter, reaching 42.3 billion dirhams.

For spot transactions carried out by banks with their clients, sales increased by 8.7% to 38.3 billion dirhams, while purchases rose by 9.4% to 38.6 billion dirhams.

As for forward transactions, they fell by 16.9% to 16.6 billion dirhams for purchases and by 48.8% to 2.3 billion dirhams for sales.