Foreign exchange rates varied today against the Moroccan dirham, Wednesday, March 30, 2022 at the Central Bank of Morocco.
The price of the European euro in Morocco today, at the Central Bank of Morocco, rose marginally to about 10.01 dirhams for purchase, and 11.63 dirhams for sale.
While the price of the US dollar fell today, at the Central Bank of Morocco, to about 9.10 dirhams for purchase, and 10.58 dirhams for sale.
The price of the pound sterling in Morocco also fell today, to the level of 11.92 dirhams for purchase, 13.58 dirhams for sale.
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 2.82 dirhams for sale.
And the price of the UAE dirham in Morocco today at the Central Bank was about 2.47 dirhams for purchase, and 2.88 dirhams for sale.
The price of the Kuwaiti dinar in Morocco fell today to about 29.89 dirhams for purchase, and 34.74 dirhams for sale.
The interest rate..and boost the growth of the economy
The Central Bank of Morocco kept its benchmark interest rate at an all-time low of 1.5% on Tuesday, March 22, 2022, saying its accommodative monetary policy was necessary to boost the economy amid inflationary pressures stemming from the war in Ukraine.
In a statement after the quarterly meeting of its board of directors, the bank said that 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. Morocco’s economy grew 7.3% last year, when the country harvested 10.3 million tons of grain.
It is expected that the remittances of Moroccans residing abroad will reach about 79.3 billion dirhams (1 dollar = 9.71 Moroccan dirhams) in 2022, after the exceptional level recorded in 2021 by 93.3 billion dirhams, according to Bank Al-Maghrib expectations, after its first quarterly meeting with a fee 2022.
The bank also expected that “imports will rise by 14.9% during 2022, in connection with the increase in the energy bill and purchases of agricultural and food products and consumer goods. In 2023, it is expected that the increase will not exceed 1.1%, in particular, in connection with the expected decline in the energy bill.” .
It is also expected that exports will improve by 12.5% in 2022 and by 3.4% in 2023, mainly supported by improved sales of the automobile industry and an increase in exports of phosphate and its derivatives during 2022.
Tourism revenues, a major source of hard currency inflow to Morocco, are expected to recover to 47 billion dirhams ($4.8 billion) in 2022, and 80 billion dirhams in 2023, from 34 billion dirhams last year when the kingdom imposed a ban on travel from tourist destinations. key to contain the recovery of COVID-19.
The Central Bank also expected that the current account deficit would worsen to 5.5 percent of GDP in 2022 after 2.6 percent in 2021, before declining to 3.7 percent in 2023.
On the other hand, the Board of Bank Al-Maghrib expected the inflation rate to reach 4.7%, compared to 1.4% in 2022, before declining to 1.9% in 2023.
Morocco’s foreign exchange reserves are expected to reach 342.8 billion dirhams at the end of 2022, which is enough to cover six months of imports. The public budget deficit is expected to reach 6.3% of GDP in 2022 and 5.9% in 2023.