Moroccan Dirham Slumps Against Dollar and Euro as Reserves Rise

In its latest weekly indicator bulletin, the same source specifies that no auction operation was carried out on the foreign exchange market. As of March 27, 2020, net international reserves stood at 248.9 billion dirhams, up 2.9% from the previous week.

Bank Al-Maghrib announces that it injected an amount of 33.7 billion dirhams in the form of 7-day advances on a call for tenders during the same week. Similarly, a fund of 2.3 billion dirhams was granted under the TPME financing support program and 4.6 billion dirhams for foreign exchange swap operations. As for the total volume of interventions, it amounted to 99.2 billion dirhams.

As for the interbank rate, it stood at an average of 2% and the daily trading volume at 4.1 billion dirhams. In addition, the central bank injected an amount of 18 billion dirhams in the form of 7-day advances during the call for tenders on April 1 (value date April 2).

The Bank also reported a 2.7% drop in the MASI over this period, recording a 20.9% underperformance since the beginning of the year.