Between March and April, Morocco’s dirham strengthened significantly against the US dollar, gaining 3.6% over the period, according to the latest economic, monetary, and financial outlook released by Bank Al-Maghrib. However, the currency moved in the opposite direction against the euro, dipping slightly by 0.5%.
The central bank also noted that it has not held any foreign exchange auctions since December 2021, continuing a long pause in direct currency interventions.
Activity in the interbank foreign exchange market reached 38.6 billion dirhams in March, a substantial drop of 26.6% compared to the same month last year. This decline reflects reduced currency trading among Moroccan banks, possibly due to shifting market conditions or lower demand for foreign exchange during the period.
Transactions between banks and their clients also saw mixed developments. Spot purchases amounted to 34 billion dirhams, slightly down from 36.5 billion recorded a year earlier. On the other hand, forward purchases rose to 17.4 billion dirhams, up from 13.6 billion in March 2024, suggesting a growing appetite for hedging or securing future currency needs.
Sales figures were similarly split: spot sales fell to 35.6 billion dirhams from 38.2 billion the previous year, while forward sales edged up slightly to 4 billion, compared to 3.6 billion over the same period last year.
