Foreign exchange rates rose against the Moroccan dirham in trading on Monday (February 22nd), the Central Bank of Morocco (CBM) reported.
The euro against the Moroccan dirham at the Central Bank of Morocco was 10.78 dirhams for purchase and 10.80 dirhams for sale, compared to 10.38 dirhams for purchase and 12.06 dirhams for sale.
The dollar exchange rate against a dirham was 8.89 dirhams for purchase and 8.9 dirhams for sale, compared to AED 8.58 for purchase and 9.79 dirhams for sale yesterday.
The exchange rate of the pound was 12.47 dirhams for purchase and 12.48 dirhams for sale, compared to AED 11.99 for purchase and 13.93 dirhams for sale.
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 2.36 dirhams for purchase and 2.37 dirhams for sale, compared to 2,287 dirhams for purchase and 2,658 dirhams for sale.
The exchange rate of the Uae dirham at the Central Bank of Morocco was AED 2.42 for purchase and AED 2,424 for sale, compared to AED 2,335 for purchase and AED 2,714 for sale.
The kuwaiti dinar exchange rate was 29.4 dirhams for purchase and 29,386 dirhams for sale, compared to 28.35 dirhams for purchase and 32.95 dirhams for sale.