Mixed Start for Morocco's Currency Exchange Sector Amid Euro Demand

Morocco's currency exchange sector is experiencing a mixed start to the summer season. According to Abderrazak El Mahmoudi, president of the Moroccan Federation of Currency Exchange Companies, transaction volumes declined in July compared to previous years.

However, there are signs of improvement at the beginning of August, with euro demand building up. About 70% of transactions involving Moroccans living abroad who arrived in Morocco recently were conducted in euros, El Mahmoudi said.

The sector is counting on the remainder of the summer season to build up euro reserves and meet renewed demand at the end of August and beginning of September. This is when members of the Moroccan diaspora typically return to their countries of residence.