Foreign exchange rates diverged against the Moroccan dirham in trading on Wednesday (March 3rd, 2021), the Central Bank of Morocco (CBM) reported.
The euro in Morocco, at the start of wednesday’s trading, was at the Central Bank of Morocco at 10.38 dirhams for purchase and 12.06 dirhams for sale.
The US dollar in Morocco, at the opening of Wednesday’s trading, was at 8.58 dirhams for purchase and 9.97 dirhams for sale.
Rial and dinar prices
During early trading on Wednesday morning, the Saudi riyal in Morocco was trading at 2.28 dirhams for purchase and 2.65 dirhams for sale.
The Kuwaiti dinar in Morocco, when it opened on Wednesday, was 28.36 dirhams for purchase and 32.96 dirhams for sale, the same price at the close of trading on Tuesday.
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.