Summer is typically the busiest period for Morocco’s currency exchange companies and offices, as Moroccans living abroad return home and foreign tourists arrive, driving demand for foreign currency exchange services.
Abderrazak El Mahmoudi, president of the Moroccan Federation of Currency Exchange Companies, said the sector had a mixed start to the current summer season, with transaction volumes declining in July compared with the same period in previous years before showing signs of improvement at the beginning of August.
“About 70% of transactions involving Moroccans living abroad who arrived in Morocco in recent weeks were conducted in euros,” El Mahmoudi told Hespress.
At the same time, significant numbers of Moroccans have visited currency exchange offices to obtain foreign currencies ahead of vacations abroad, he said.
El Mahmoudi said the sector was 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.
“Summer is a period of strong activity for currency exchange companies and offices,” he said, citing the arrival of Moroccans living abroad and the economic activity generated by foreign currency exchange.
International cards gain ground
El Mahmoudi said one of the sector’s main recent developments was a circular issued by Morocco’s Foreign Exchange Office authorizing currency exchange companies to conduct electronic transactions.
The measure has contributed to an increase in currency exchange transactions conducted using international cards, he said.
Previously, exchange transactions were conducted exclusively using cash. Customers can now visit currency exchange companies and use their international cards to exchange funds, receiving the equivalent amount in Moroccan dirhams.
El Mahmoudi also noted a growing preference among some customers for prepaid cards loaded with dirhams instead of receiving cash.
These cards are made available through currency exchange companies, he said.
The mechanism, after being regulated by the Foreign Exchange Office, has helped reduce reliance on cash and facilitate financial transactions for people visiting Morocco, El Mahmoudi said.
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