Bank Al-Maghrib (BAM) reported that in the first quarter of 2023, the dirham depreciated by 0.66% against the euro and appreciated by 4.56% against the dollar. American.
In its report on monetary policy, published at the end of the second quarterly meeting of its Board for the year 2023, BAM specifies that compared to the currencies of the main emerging countries, the national currency has appreciated in particular by 6% against the Turkish lira and 0.51% against the Chinese yuan.
In total, the effective exchange rate increased by 1.38% in nominal terms and 1.89% in real terms, the same source said. With regard to foreign currency transactions, the average volume of cash transactions by banks with customers recorded, in Q1-2023, a slight annual decline of 0.3% to 32.5 billion dirhams (MMDH) for sales and an increase of 5.2% to 32.5 billion dirhams for purchases.
Regarding forward transactions, they fell by 11.2% to 18.4 billion dirhams for purchases and by 46.6% to 3.7 billion dirhams for sales.