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Currency: The dirham appreciates against the euro and the dollar

28/06/2021
Categories: Economy/Forex

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Bank-Al-Maghrib (BAM) indicates that the dirham appreciated by 0.61% against the euro and by 1.74% against the US dollar during the first quarter of 2021.

In its latest Monetary Policy Report, BAM notes that the dirham depreciated by 4.59% against the Turkish lira, 2.60% against the pound sterling and 0.50% against the Chinese yuan. Consequently, the effective exchange rate appreciated by 0.40% in nominal terms and depreciated by 0.72% in real terms. With regard to foreign currency transactions, the average volume of cash transactions of banks with customers increased by 9.1% to 26.4 billion dirhams (MMDH) for sales, and by 13.3% to 25.8 billion dirhams for purchases.

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