The exchange rates varied today against the Moroccan dirham, Sunday, March 27, 2022 at the Central Bank of Morocco.
While the price of the European euro increased today in Morocco, at the Central Bank of Morocco, registering 10.02 dirhams for purchase and 11.64 dirhams for sale, the price of the US dollar fell to 9.09 dirhams for purchase and 10.56 dirhams for sale.
The price of the British pound in Morocco today was 11.99 dirhams to buy, 13.94 dirhams to sell.
The price of the riyal, dirham and dinar today in Morocco
The price of the Saudi riyal against the Moroccan dirham today, at the Central Bank of Morocco, reached about 2.42 dirhams for purchase, and 2.81 dirhams for sale.
The price of the United Arab Emirates dirham in Morocco today at the Central Bank was about 2.47 dirhams for purchase and 2.87 dirhams for sale.
The Kuwaiti dinar in Morocco today amounted to about 29.89 dirhams for purchase, and 34.74 dirhams for sale.
Morocco’s central bank kept its benchmark interest rate at a record low of 1.5 percent on Tuesday, saying its accommodative monetary policy was needed to boost the economy amid inflationary pressures stemming from the war in Ukraine.
In a statement after its quarterly board meeting, the bank said inflation is expected to jump to 4.7% this year from 1.4% in 2021.
It revised down its growth forecast to 0.7% in 2022, from a previous estimate of 2.9%, citing the impact of a severe drought.
Bank Al-Maghrib expected an increase in remittances from Moroccans abroad during the next period.
Remittances from Moroccans living abroad are expected to reach 79.3 billion dirhams ($1 = 9.71 Moroccan dirhams) in 2022, after the exceptional level recorded in 2021 of 93.3 billion dirhams, according to Bank Al expectations. -Maghrib, after his first quarter meeting with a general quota of 2022.
The bank also forecasts that “imports will increase by 14.9% during 2022, in relation to the increase in the energy bill and purchases of agri-food products and consumer goods. In 2023, it is expected that the increase will not exceed 1.1%, in particular, in relation to the expected decrease in the energy bill.
Exports are also expected to improve by 12.5% in 2022 and 3.4% in 2023, mainly supported by better sales from the automotive industry and an increase in exports of phosphate and its derivatives during 2022.
The central bank also expected the current account deficit to worsen to 5.5 percent of GDP in 2022 after 2.6 percent in 2021, before slowing to 3.7 percent in 2023.
On the other hand, the Al-Maghrib Bank Board expected the inflation rate to reach 4.7%, compared to 1.4% in 2022, before falling to 1.9% in 2023.