Decline in Foreign Exchange Transactions in June 2024

 Bank Al-Maghrib reported that the dirham appreciated by 0.75% against the US dollar and remained nearly stable against the euro between June and July. In its latest monthly bulletin on the economic, monetary, and financial situation, the bank stated that no foreign currency auction operations have been conducted since December 2021. In the interbank market, foreign exchange transactions against the dirham reached 47.5 billion dirhams in June 2024, down 22% compared to June 2023. Regarding banks’ transactions with clients, cash purchases amounted to 32.9 billion dirhams last June, compared to 34.1 billion a year earlier, while forward purchases remained stable at 15.9 billion dirhams. As for cash sales, they totaled 32.2 billion dirhams, and 2.5 billion for forward sales, after reaching 35.7 billion and 2.6 billion, respectively, the previous year.