The city of Rabat has witnessed some intriguing fluctuations in the Moroccan dirham from June to July 2025. A recent monthly review on economic, monetary, and financial developments by Bank Al-Maghrib (BAM) sheds light on these changes.
Over this time, the dirham appreciated by 1.3% against the US dollar. However, it experienced a slight decline of 0.2% compared to the euro. Meanwhile, the euro itself had an uptick of 1.5% against the dollar, stirring the pot a bit.
Curiously, BAM hasn’t engaged in any foreign currency auctions since December 2021. The interbank market took quite a hit, plummeting by 48.2% compared to the previous year. Transactions of foreign currency against dirhams amounted to MAD 23.1 billion ($2.31 billion) in July.
### Client-Bank Transactions
Interestingly, interactions between banks and their clients told another story. Spot purchases rose to MAD 41.4 billion ($4.14 billion), up from MAD 37.7 billion ($3.77 billion) last year. Forward purchases also saw a rise, reaching MAD 23.3 billion ($2.33 billion), a jump from MAD 17.9 billion ($1.79 billion) in July 2024.
### Sales and Operations
- Spot operations increased to MAD 41.2 billion ($4.12 billion), surpassing last year’s figure of MAD 36.9 billion ($3.69 billion).
- There was a slight boost in forward sales, moving up from MAD 1.9 billion ($190 million) to MAD 2.2 billion ($220 million) year-on-year.
All this suggests a modest yet steady adaptation within Morocco’s foreign exchange market. These changes mirror both local conditions and the broader sway of key international currencies.
In the grand scheme, it seems a bit of caution is mingling with optimism, painting a picture of a dynamic yet measured financial landscape. For those interested in further exploring exchange rate movements, the Reuters Currency Section may offer some valuable insights.
