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. For the period of July 29, 2020, the official reserve assets stood at 292.4 billion dirhams, down 0.2% from the previous week and up 24.2% year-on-year.

According to BAM, an amount of 118.2 billion dirhams, including 39.2 billion dirhams injected in the form of 7-day advances on tender, 44 billion dirhams in the form of repurchase agreements, 31.8 billion dirhams under the MSME financing support program and 3 billion dirhams for foreign exchange swap operations.

Regarding the daily trading volume on the interbank market, it stood at 5.4 billion dirhams. As for the interbank rate, it averaged 1.5% over the period. BAM reports that it injected an amount of 38.1 billion dirhams in the form of 7-day advances at the July 29 tender (value date July 30).

As for the interbank market, the daily trading volume stood at 7.1 billion dirhams. As for the interbank rate, it averaged 1.5% over the period. BAM also indicates that it injected 45.6 billion dirhams in the form of 7-day advances at the August 5 tender (value date August 6). As for the MASI, it depreciated by 0.5% on the stock market, bringing its underperformance since the beginning of the year to 16.4%.

Note that on August 7, one US dollar was worth 9.262 while one euro was exchanged for 10.948 dirhams.