The dirham depreciated by 0.32% against the euro and appreciated, month on month, by 1.23% against the US dollar in July, according to Bank Al-Maghrib (BAM).

As for Bank Al-Maghrib's operations with banks, no auction session has been held since April 2018, notes the central bank in its monthly review of the economic, monetary and financial situation of August 2020.

At the level of the interbank market, the volume of exchanges of currencies against dirham reached 18.6 billion dirhams (MMDH) in July, up by 3.9 billion dirhams compared to the level recorded in the same month of the previous year.

As for the volume of bank transactions with customers, it stood at 18.9 billion dirhams for cash purchases and 12 billion dirhams for forward purchases, against respectively 24.6 billion dirhams and 11.9 billion dirhams in July. 2019.

Sales related, for their part, to a total amount of 22.6 billion dirhams for spot transactions and 4.2 billion dirhams for those in the long term, after 25.7 billion dirhams and 2.1 billion dirhams a year earlier.

In this context, the banks' net foreign exchange position came out positive at 5.7 billion dirhams at the end of July.