Moroccan Dirham Gains Against Dollar, Slips Versus Euro as Reserves Dip

23 November 2020 – bySylvanus@Bladi · 1 min read

The dirham appreciated by 0.59% against the US dollar and depreciated by 0.22% against the euro, during the period from November 12 to 17, 2020. This is what the indicators published by Bank Al-Maghrib (BAM) indicate.

As of November 13, 2020, the outstanding official reserve assets stood at 291.4 billion dirhams (MMDH), down 0.4% week-on-week and up 22.6% year-on-year, BAM said.

The central bank reports that it has injected a total of 105 MMDH, including 41.3 MMDH in the form of 7-day advances on call for tenders, 26.5 MMDH in the form of repurchase agreements, during this period. Similarly, 31.9 MMDH and 5.3 MMDH were injected respectively under the SME financing support programs and for foreign exchange swap operations.

On the interbank market, the average daily trading volume stood at 5.3 MMDH. As for the interbank rate, it stood at an average of 1.5%.

On the stock market, the MASI shows an increase of 1.4%, thus bringing its underperformance since the beginning of the year to 11.9%.

Category: Economy

Keywords:

Bank Al-Maghrib Moroccan Dirham Euro Dollar