Morocco's Currency Exchange Sector Sees Mixed Summer Start Amid Euro Demand

The summer season has begun in Morocco's currency exchange sector with a mixed start. According to Abderrazak El Mahmoudi, president of the Moroccan Federation of Currency Exchange Companies, transaction volumes declined in July compared to the same period last year but showed 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. This is despite significant numbers of Moroccans visiting currency exchange offices to obtain foreign currencies ahead of vacations abroad.

The sector is counting on the remainder of the summer season to build up euro reserves and ensure 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.