The Moroccan Central Bank has denied any depreciation of the local currency, the dirham, against the euro and the dollar, reports said on Thursday.Information circulating on certain sites and social networks reported a staggering devaluation of the dirham, as the euro is currently worth 18 dirhams.

In a statement issued on Wednesday, January 18, the Moroccan central bank formally denies any depreciation of the dirham and assures that the exchange rate for that day was established at nearly 11 dirhams for one euro.

“It has been brought to the attention of Bank Al-Maghrib (Bank of Morocco) that some news sites are reporting that the euro is currently worth 18 dirhams. Bank Al-Maghrib wishes to categorically deny this information; its assures that the reference exchange rate for the day of January 18 was established at nearly 11 DH for one euro,” the statement of the central bank reads.

For the monetary institution, the only reliable source for the dirham’s exchange rate is its own portal, as well as Bloomberg and Refinitiv during the opening hours of the Moroccan exchange market.

“You can check the level of the exchange rate of the euro against the dirham through the following link:
https://www.bkam.ma/Marches/Principaux-indicateurs/Marche-des-changes/Cours-de-change/Cours-de-reference,” the statement said.