Moroccan Dirham Dips Against Euro and Dollar, Central Bank Reports

Contrary to the period from November 14 to 20, the dirham depreciated against the euro and the dollar, according to the Moroccan central bank. The same source also specifies that the net international reserves stood at 239.7 billion dirhams as of November 29, 2019, up 4.6% from the previous week and 7.3% year-on-year.

Bank Al-Maghrib also specifies that it injected an amount of 65.7 billion dirhams in the form of 7-day advances on call for tenders. However, the total volume of interventions stood at 71.9 billion dirhams, taking into account the amounts of 2.3 billion dirhams granted under the TPME financing support program and 3.9 billion dirhams served in the form of foreign exchange swaps.

During this period, the interbank rate averaged 2.26% and the daily trading volume was 2.9 billion dirhams, the note states, adding that in the call for tenders on December 4 (value date December 5), Bank Al-Maghrib injected an amount of 58.8 billion dirhams in the form of 7-day advances.

As for the overall trading volume, it reached 1.2 billion dirhams after 1 billion dirhams the previous week and was carried out to the tune of 52.2% on the central equity market with an average daily volume of 124.9 million dirhams, according to BAM.