Moroccan Dirham Holds Steady Against Euro, Slips 0.68% vs Dollar in Latest Week

In its recent weekly indicators bulletin, BAM specified that during this period, no adjudication operation was carried out on the foreign exchange market.

As of May 19, 2023, official reserve assets stood at 355.9 billion dirhams (MMDH), almost stagnant from the previous week and up 8.4% year-on-year, the same source said.

During the same week, the overall outstanding amount of BAM’s interventions stood at 83.8 MMDH, including 42.1 MMDH in the form of 7-day advances on call for tenders, 21.2 MMDH in outstanding long-term repurchase agreements and 20.6 MMDH in long-term guaranteed loans.

On the interbank market, the average daily trading volume stood at 2.7 MMDH and the interbank rate averaged 3% during this period. At the May 24 call for tenders (value date May 25), the Bank injected an amount of 32.1 MMDH in the form of 7-day advances.