Casablanca – Bank Al-Maghrib has reported a significant appreciation of the Moroccan dirham against major international currencies during the first quarter of 2024. The dirham rose by 0.47% against the euro and by 1.39% against the US dollar, highlighting a robust performance amidst global economic fluctuations.

In its latest monetary policy report, Bank Al-Maghrib detailed the euro’s 0.90% rise against the US dollar, providing context to the dirham’s gains. This appreciation reflects the strengthening of the dirham in both European and American markets.

The dirham’s performance was particularly notable against the currencies of emerging markets. It appreciated by an impressive 10.06% against the Turkish lira, by 1.28% against the Brazilian real, and by 0.89% against the Chinese yuan. This indicates a broader trend of strengthening for the Moroccan currency on a global scale.

Considering the evolution of inflation and trade exchanges, the effective exchange rate of the dirham saw a rise of 1.19% in nominal terms and 0.54% in real terms. This demonstrates the dirham’s enhanced purchasing power and its positive impact on Morocco’s trade balance.

The report also highlighted a significant increase in foreign currency transactions. The average volume of bank transactions with customers during Q1 2024 saw an annual increase of 8.4%, reaching $3.48 billion for sales transactions and $3.55 billion for purchase transactions. This growth underscores the expanding role of the dirham in international trade and finance.

However, forward transactions experienced a decline. Purchase transactions fell by 19.4% to $1.42 billion, and sales transactions decreased by 14.2% to $340 million. This reduction suggests a cautious approach in the forward market amid current economic conditions.

Bank Al-Maghrib’s latest findings reflect a strong start to 2024 for the Moroccan dirham, positioning it favorably against both major and emerging market currencies. This performance is expected to influence economic strategies and trade policies in the coming months.