Moroccan Dirham Gains Against Euro and Dollar as Foreign Reserves Hold Steady

As of June 21, 2024, official reserve assets stood at 366.5 billion dirhams (MMDH), virtually unchanged from the previous week and up 5.2% year-on-year.

During the week of June 20 to 26, 2024, Bank Al-Maghrib’s interventions averaged 145.3 MMDH per day. They are divided between 7-day advances for an amount of 60.9 MMDH, as well as long-term repurchase agreements and guaranteed loans for respective amounts of 51.2 MMDH and 33.2 MMDH.

On the interbank market, the average daily trading volume was 3.1 MMDH and the interbank rate averaged 2.95%, compared to 3% the previous week, in connection with the decision of the Central Bank, taken on June 25, 2024, to reduce the key rate by 25 basis points.