Foreign exchange rates have stabilized against the Moroccan dirham in trading on Sunday (February 21st), according to the Central Bank of Morocco( CBM).
The euro remained against the Moroccan dirham at the Central Bank of Morocco at 10.38 dirhams for purchase and 12.06 dirhams for sale, the same as yesterday’s price.
The dollar’s exchange rate against the dirham was at 8.58 dirhams for purchase and 9.79 dirhams for sale.
The exchange rate of the pound remained at AED 11.99 for purchase and AED 13.93 for sale.
Positive figures for Morocco
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.
According to morocco’s central bank, Morocco’s foreign exchange reserves are sufficient to cover imports for seven months.
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.
Prices of rial, dirham and dinar
The exchange rate of the Saudi riyal in the Moroccan central bank was fixed at 2,287 dirhams for purchase and 2,658 dirhams for sale.
The exchange rate of the Uae dirham at the Central Bank of Morocco remained at 2,335 dirhams for purchase and 2,714 dirhams for sale.
Similarly, the exchange rate of the Kuwaiti dinar remained at 28.35 dirhams for purchase and 32.95 dirhams for sale.