Moroccan Dirham Holds Steady Against Euro, Gains on Dollar

In its latest weekly indicators bulletin, BAM indicates that no auction operation was carried out on the foreign exchange market during the same period. As of July 3, 2020, official reserve assets stood at 291.1 billion dirhams, up 0.1% week-on-week and 23.3% year-on-year.

According to Bank Al-Maghrib, an amount of 37.1 billion dirhams was injected in the form of 7-day advances on a call for tenders. Thanks to the injections of 34.6 billion in the form of repurchase agreements, 28.9 billion under the TPME financing support program and 3 billion dirhams under the foreign exchange swap operations, the total outstanding interventions stands at 103.5 billion dirhams.

Regarding the daily trading volume on the interbank market, it stood at 5.4 billion. As for the interbank rate, it averaged 1.5% during the period. BAM also states that in the call for tenders on July 8 (value date July 9), it injected an amount of 40 billion dirhams in the form of 7-day advances.

As for the MASI, it experienced a 0.4% decline on the stock market, bringing its underperformance since the beginning of the year to 16.4%.