Moroccan Dirham Gains Against Euro, Official Reserves Rise

In its latest weekly indicators bulletin, BAM indicates that no auction operation was carried out on the foreign exchange market. As of January 29, 2021, the outstanding official reserve assets stood at 313.9 billion dirhams, up 1.4% from the previous week and 25.1% year-on-year.

Bank Al-Maghrib also indicates that it has injected an amount of 25.7 billion dirhams in the form of 7-day advances on a call for tenders. We note 15.5 billion dirhams granted in the form of repurchase agreements, 26.7 billion dirhams under the TPME financing support programs and 4 billion dirhams for foreign exchange swap operations. The total volume of interventions amounted to 72 billion dirhams.

Regarding the average daily trading volume, it stood at 5.2 billion dirhams on the interbank market. As for the interbank rate, it stood at an average of 1.5% during this period, BAM says, adding that it injected an amount of 27 billion dirhams in the form of 7-day advances during the call for tenders on February 3 (value date February 4).