Moroccan Dirham Gains Against Euro, Official Reserves Dip as IMF Loan Partially Repaid

The outstanding official reserve assets stood at 308.8 billion dirhams (MMDH), down 3.8% week-on-week, the central bank said. This development is explained by the early repayment of part of the drawing on the Precautionary and Liquidity Line in the amount of 651 million SDRs (Special Drawing Rights), the equivalent of nearly 8.4 MMDH.

BAM reports that an amount of 81.1 MMDH was injected, including 36.5 MMDH in the form of 7-day advances on call for tenders and 15.3 MMDH in the form of repurchase agreements during the same period. Similarly, 24.3 MMDH and 5 MMDH were injected respectively under the TPME financing support programs and under the foreign exchange swap operations.

On the interbank market, the average daily trading volume stood at 5 MMDH. As for the interbank rate, it averaged 1.5% during this period.
On the stock market, the MASI appreciated by 0.4%, thus bringing its underperformance since the beginning of the year to 0.2%.

Note that as of January 15, 2021, the dollar was worth 8.903 dirhams while the euro was exchanged at 8.903 dirhams.