Morocco's Currency Exchange Sector Sees Mixed Summer Start

Summer is typically a busy period for Morocco's currency exchange sector, but this year it has had a mixed start. According to Abderrazak El Mahmoudi, president of the Moroccan Federation of Currency Exchange Companies, transaction volumes declined in July compared to previous years, before showing signs of improvement at the beginning of August.

About 70% of transactions involving Moroccans living abroad who arrived in Morocco recently were conducted in euros, said El Mahmoudi. Meanwhile, significant numbers of Moroccans have visited currency exchange offices to obtain foreign currencies ahead of their vacations abroad.

The sector is counting on the remainder of the summer season to build up euro reserves and ensure a sufficient supply to meet renewed demand at the end of August and beginning of September, when members of the Moroccan diaspora begin returning to their countries of residence. The use of international cards has also gained ground in the sector, with electronic transactions becoming more common.