Moroccan Dirham Drops 1% Against Euro, Reserves Remain Stable

According to Bank Al-Maghrib, there was no foreign exchange auction during the period from September 10 to 16. As for the official reserve assets, they stood at 296.9 billion dirhams on September 11, 2020, down 0.1% from the previous week and up 26.7% year-on-year.

In addition, the central bank injected a total of 105.9 billion dirhams, the bulletin specifies. 24.3 billion dirhams in the form of 7-day advances on tender and 41.8 billion dirhams in the form of repo operations.

Regarding the interbank market, the average daily foreign exchange volume stood at 4.5 billion dirhams. The interbank rate averaged 1.5% over the period. Thus, BAM injected 24.6 billion dirhams in the form of 7-day advances during the tender on September 16. Compared to the stock market, the MASI fell by 1.1%, bringing its concentration to 17% since the beginning of the year.

As for the overall trading volume, it reached 330.9 million dirhams (MMDH) compared to 263.5 million dirhams the previous week. The average daily volume for the central equity market was 63.9% compared to 42.4 million dirhams the previous week.

As of September 18, the euro was worth 10.952 dirhams while the US dollar was trading at 9.350 dirhams.