The real effective exchange rate recorded an increase of 1.2 percent in 2024.
Morocco’s Central Bank revealed in its annual report on the economic, monetary, and financial situation that the real effective exchange rate continued to grow throughout 2024, marking a 1.2 percent increase compared to the previous year.
The bank attributed this development to a 4.5 percent rise in the nominal exchange rate, in addition to a significantly lower local inflation rate than the average recorded in partner and competitive countries.
The report emphasized that the dirham maintained its movement within the fluctuation range set around the central exchange rate throughout the year, without any direct intervention from the central bank. It noted that the quarterly assessments by Bank Al-Maghrib indicated that the value of the national currency was generally consistent with the fundamentals of the national economy.
The dirham’s exchange rate decreased by 2.2 percent against the US dollar, while it increased by 4 percent against the euro, by 0.4 percent against the Chinese yuan, by 17 percent against the Turkish lira, and by 24.5 percent against the Brazilian real, while it dropped by 0.7 percent against the British pound.
Despite the decline, the volume of transactions in the banking market reached 551 billion dirhams in 2024, compared to 754.1 billion dirhams in 2023, while the volume of hedging operations remained steady at 226.5 billion dirhams compared to 258 billion dirhams the previous year.
