The dirham depreciates by 2.47% against the dollar in July

The dirham depreciated by 2.47% against the dollar and appreciated by 1.21% against the euro last July, according to Bank Al-Maghrib (BAM).

As for Bank Al-Maghrib’s foreign currency auction operations with banks, no session has been held since December 2021, according to the recent monthly review of the economic, monetary and financial situation of the Central Bank.

At the level of the interbank market, the volume of exchanges of currencies against dirhams amounted to 45.9 billion dirhams (MMDH) in July 2022, up by 34.7 billion compared to the same period a year earlier.

Regarding bank transactions with customers, their volume amounted to 36.3 billion dirhams for cash purchases and 31.7 billion for forward purchases, against respectively 22.1 billion and 13.1 billion dirhams a year earlier. , continues the same source, adding that sales amounted to 42.9 billion for cash transactions and 6.5 billion for forward transactions, after 25.4 billion and 2 billion dirhams respectively.

Under these conditions, the banks’ net foreign exchange position showed a deficit of 6.2 billion dirhams at the end of July, an unchanged situation compared to the end of June, Bank Al Maghrib reported.


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