The dirham strengthens against the euro

During this period, no auction operation was carried out on the foreign exchange market, BAM notes in its recent weekly bulletin.

As of March 15, 2024, the official reserve assets stood at 360.4 billion dirhams (MMDH), down 0.7% from the previous week and 0.9% year-on-year.

In addition, Bank Al-Maghrib’s interventions averaged 127.9 MMDH per day. They are divided between 7-day advances for an amount of 46.9 MMDH as well as long-term repurchase agreements and guaranteed loans for outstanding amounts of 52.9 MMDH and 28.1 MMDH respectively.

On the interbank market, the average daily trading volume fell to 1.7 MMDH and the interbank rate averaged 3%.

As for the weekly trading volume, it increased from 401.2 million dirhams (MDH) to 956.5 MDH week-on-week, mainly carried out on the central equity market.