Moroccan Dirham Gains Against Dollar, Holds Steady vs Euro: Bank Al-Maghrib Report

In a note on its indicators, Bank Al-Maghrib (BAM) reports that this period was marked by the absence of any auction operation.

According to the Bank’s note, international reserves as of October 4 stood at 232 billion dirhams (MMDH), a decrease of 0.4% from the previous week and an increase of 3.8% year-on-year.

In terms of interventions in the money market, an amount of 75.8 MMDH was injected, including 69 MMDH in the form of 7-day advances on a call for tenders, 2.3 MMDH granted under the TPME financing support program, and 4.5 MMDH through a foreign exchange swap operation.

Furthermore, this period was also marked by an interbank rate of 2.25% and a trading volume of 3.5 MMDH, according to the same note, which adds that during the call for tenders on October 9 (value date October 10), BAM injected an amount of 64.9 MMDH in the form of 7-day advances.

As for the overall trading volume, it stood at 525 million dirhams (MDH) compared to 1.3 MDH the previous week. On the central stock market, however, the average daily trading volume fell to 76.4 MDH from 137.4 MDH the previous week, BAM said.

It should be noted that on Friday, October 11, one euro was worth 10.670 dirhams, while one dollar was exchanged at 9.663 dirhams.