Foreign exchange rates diverged against the Moroccan dirham in trading on Tuesday (March 2nd, 2021), the Central Bank of Morocco (CBM) reported.
The Moroccan dirham fell against the dollar, sterling and Kuwaiti dinar, while the Moroccan currency rose against the euro, while it stabilized against the UAE dirham and the Saudi riyal.
Eur, USD and GBP prices
The euro fell to 10.38 dirhams for purchase, 12.06 dirhams for sale, compared to a total of 10.39 dirhams for purchase and 12.07 dirhams for sale.
The dollar rose to a market rate of 8.58 dirhams and 9.98 dirhams for sale, compared to about AED 5.56 for purchase and 9.95 dirhams for sale yesterday.
The exchange rate of the pound increased to about 12 dirhams for purchase, and 13.96 dirhams for sale, compared to about 11.93 dirhams for purchase and 13.87 dirhams for sale.
Vaccination supports economy
The stability of foreign exchange comes as Morocco has successfully vaccinated more than 3.5 million people with the Corona vaccine in one month.
Prices of rial, dirham and dinar
The exchange rate of the Saudi riyal in the Moroccan central bank stabilized at 2.29 dirhams for purchase and 2.66 dirhams for sale, the same price in yesterday’s trading.
The exchange rate of the Uae dirham at the Central Bank of Morocco remained at around AED 2.33 for purchase and 2.71 for sale.
The kuwaiti dinar’s exchange rate rose to about 28.36 dirhams for purchase, 32.96 dirhams for sale, compared to 28.28 dirhams for purchase and 32.87 dirhams for sale yesterday.
Record contraction of trade deficit
Morocco’s trade deficit shrank last year, compared with 2019 figures.
The trade deficit shrank by 23.1% to 158.6 billion dirhams ($17.6 billion) in 2020, according to the Moroccan Bureau of Exchange.
Moroccan remittances abroad increased by 5% to 67.99 billion dirhams from 64.77 billion dirhams in 2019.
Morocco’s High Commission for Planning projected gdp growth of 0.5% year-on-year during the first quarter of 2021.
Morocco has a foreign exchange balance of about $33 billion, covering more than 7 months of imports of goods and services.