Moroccan Dirham Dips Against Euro and Dollar as Foreign Reserves Rise

Bank Al-Maghrib (BAM)’s weekly indicators show that no auction operation was carried out during this period, specifying that net international reserves stood at 242.8 billion dirhams as of December 6, up 1.3% from the previous week and 7.8% year-on-year.

Regarding interventions in the money market, the Moroccan central bank also added that it had injected a total amount of 65 billion dirhams, including 58.8 billion dirhams in the form of 7-day advances on tender, 2.3 billion dirhams granted under the TPME financing support program and 3.9 billion dirhams paid in the form of foreign exchange swaps.

The interbank rate averaged 2.26% while the daily trading volume stood at 3.1 billion dirhams. The same note specifies that during the tender of December 11 (value date December 12), Bank Al-Maghrib injected an amount of 55 billion dirhams in the form of 7-day advances.

As for the overall trading volume, it reached 595.2 million dirhams (MDH), carried out almost entirely on the central stock market with an average daily volume of 118.8 MDH.