The dirham fell 1.75% against the dollar between September and October (BAM)

The value of the dirham fell by 1.75% against the dollar and by 1.04% against the euro between September and October 2022, according to Bank Al-Maghrib (BAM).

According to BAM’s recent monthly review of economic, monetary and financial conditions, no currency auction session has been held since December 2021.

At the level of the interbank market, the volume of exchanges of currencies against dirhams stood at 56.1 billion dirhams (MMDH) in October 2022, up by 43.8 billion dirhams compared to the same period a year earlier, specifies the same source.

Regarding bank transactions with customers, their volume amounted to 35.7 billion dirhams for cash purchases and 27.4 billion dirhams for forward purchases, against respectively 28.5 billion dirhams and 13.5 billion dirhams a year earlier. .

As for sales, they involved an amount of 39.5 billion dirhams for cash transactions and 8.5 billion dirhams for those in the long term, after 28.3 billion dirhams and 3.8 billion dirhams. Under these conditions, the banks’ net foreign exchange position showed a deficit of 1.4 billion dirhams at the end of October, a level unchanged from the previous month.

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