The dirham depreciated by 1.4% against the euro and almost stabilized against the US dollar during the month of March 2020, according to Bank Al Maghrib (BAM).
Regarding 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 in April 2020.
On the interbank market, the volume of foreign exchange transactions against dirham stood at MAD 13.6 billion (MMDH) in February 2020, down by MMDH 3.7 billion compared to the same month of the previous year.
Concerning banks’ operations with customers, their volume stood in February at MAD 21.1 million for spot purchases and MAD 11.7 million for forward purchases, against respectively MAD 19.8 million and MAD 9.3 million in the same month a year earlier.
As for sales, they amounted to MMDH 22.1 million for cash transactions and MMDH 1.4 million for forward transactions, after MMDH 20.5 million and MMDH 1.8 million respectively.
Under these conditions, the net foreign exchange position of banks, calculated as the difference between the foreign currency receivables and liabilities of banks, came out negative at MMDH 3.5 million at the end of February 2020, after being negative at MMDH 1.4 million at the end of January 2020.