Moroccan Dirham Gains Against Euro, Slips Versus Dollar in Latest Week

In its latest weekly indicator bulletin, Bank Al-Maghrib (BAM) indicates that no auction was carried out on the foreign exchange market during the same period. As of August 19, 2020, the official reserve assets stood at 294.3 billion dirhams, up 1.8% week-on-week and 24.8% year-on-year.

According to BAM, an amount of 112.3 billion dirhams, including 33.4 billion dirhams, was injected in the form of 7-day advances on a call for tenders. There were 44 billion dirhams in the form of repurchase agreements, 31.8 billion dirhams under the TPME financing support program, and 3 billion dirhams for foreign exchange swap operations.

Regarding the daily average trading volume, it stood at 4.7 billion dirhams on the interbank market. As for the interbank rate, it averaged 1.5% during the period. BAM also indicates that it injected 28.7 billion dirhams in the form of 7-day advances at the call for tenders on August 26 (value date August 27).

As for the Masi, it recorded a decline of 0.5%, bringing its underperformance since the beginning of the year to 16.1%.

Note that on August 26, the dollar was worth 9.158 dirhams, while the euro was exchanged at 9.158.