The price of the dollar and the euro in Morocco today, Thursday, January 7, 2021 .. reform of the dirham
The euro and the dollar rose against the Moroccan dirham, during early trading Thursday morning at the Central Bank of Morocco.
The Moroccan dirham has also declined slightly against the sterling, Saudi riyal, Emirati dirham and Kuwaiti dinar.
The euro recorded 10.83 dirhams for purchase and 12.43 dirhams for sale, at the Central Bank of Morocco. The dollar also rose at the Central Bank of Morocco at 8.79 dirhams for purchase and 9.96 dirhams for sale; Also, the pound sterling rose at 11.98 dirhams to buy and 13.86 dirhams for sale, at the Central Bank of Morocco.
The price of the riyal, dirham and dinar
The Saudi riyal increased at the Central Bank of Morocco at 2.35 dirhams for purchase and 2.75 dirhams for sale. The price of the Emirati dirham rose against the dirham at the Central Bank at the level of 2.39 dirhams for purchase and 2.76 dirhams for sale.
The price of the Kuwaiti dinar in Morocco was 28.75 dirhams for purchase and 34.39 dirhams for sale.
Morocco ranked sixth in the Arab world in the Index of Economic Freedom for 2020, and 78 globally out of 180 countries included in the index.
According to the official website of the index, Morocco received a score of 63.3%. The economic freedom assessment measures the progress of economic freedom practices around the world within specific criteria.
According to the data, the Moroccan GDP growth during that period was strong.
Dirham repair
On March 9, the Ministry of Finance and the Moroccan Central Bank expanded the range in which the dirham is allowed to move from 2.5% to 5%.
This is the second step for the Moroccan central bank, in the process of gradually reforming the Moroccan currency.
Morocco began reforming the exchange rate system in January 2018, when the range in which the dirham is traded against a basket of currencies in which the weight of the dollar constitutes 40% and the weight of the euro was 60%, to 2.5% from 0.3%.
Inflation, which is mainly caused by food prices, is expected to reach 0.7% in 2020 and 2021 before increasing to 1.3% in 2022.
According to official data, the High Commission for Planning in Morocco (an official institution) expects that the country's gross domestic product will grow by 4.4% over the next year.
The delegation also expects a decline in the public debt of the Kingdom to about 89% of the gross domestic product, from 92%, in the current year.
