Moroccans held their breath on Wednesday evening as they observed the dirham’s dramatic “collapse” versus the euro and the US dollar. Several screenshots from Google’s currency converter were released.
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| USD to Dirham |
Indeed, the latter recorded a considerable reduction in the dirham’s exchange rate versus a number of currencies. One dollar, for example, was worth 17 dirhams.
However, the unexpected and inexplicable “decrease” in the dirham’s value has some netizens wondering if it was a search engine glitch.
After a few minutes of bewilderment, Google remedied the error, and Bank Al-Maghrib (BAM) issued an update in response to the event. “It has been brought to Bank Al-notice Maghrib’s that various information websites show that the euro is presently worth 18 dirhams. Bank Al-Maghrib wishes to absolutely contradict this report and promises that the reference exchange rate on January 18, 2023 was at roughly 11 DH for one euro,” the Central Bank stated this Wednesday evening.]
“During the opening hours of the Moroccan foreign exchange market, the only credible source for dirham exchange rates is the portal of Bank Al-Maghrib as well as Bloomberg and Refinitiv,” she says, urging visitors to her website. to see what the euro exchange rate is versus the dirham.