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Economy

Dirham Declines Against Euro's Strength

Monday 29 April 2024 - 13:10

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The dirham, Morocco's official currency, has experienced a noticeable decline against the euro, drawing the attention of financial analysts and market watchers. According to a recent report from Morocco's central bank, the dirham's exchange rate fell by 0.46 percent against the euro from April 18 to April 24.

Despite this decline against the euro, the dirham's exchange rate remained relatively stable against the US dollar during the same period, demonstrating the currency's resilience amid global economic fluctuations. The central bank's weekly bulletin revealed that there were no currency market tenders during this timeframe, suggesting a more static exchange market activity.

As of April 19, 2024, Morocco's official reserve assets stood at 359.4 billion dirhams, a 0.2 percent increase from the previous week. This stability in reserves also extended to an annual perspective, with the figure remaining almost unchanged compared to the previous year. This consistency underscores Morocco's robust economic stability and sound fiscal management.

Although the dirham's dip against the euro might concern investors and traders, economic experts highlight that currency fluctuations are a natural part of the global financial system. As Morocco continues to navigate the complexities of international trade and commerce, the central bank's careful monitoring and proactive measures are expected to support the dirham's long-term stability and competitiveness.