Moroccan Dirham Strengthens Against Dollar, Holds Steady vs Euro

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates in its latest weekly indicators bulletin.

As of June 16, 2023, the official reserve assets (AOR) stood at 349.7 billion dirhams (MMDH), down 0.8% from the previous week and up 8.2% year-on-year, the same source said. During the week of June 15 to 21, Bank Al-Maghrib injected a total of 100.9 MMDH, including 54.1 MMDH in the form of 7-day advances on call for tenders, 26.1 MMDH in long-term repurchase agreements and 20.7 MMDH in long-term guaranteed loans.

On the interbank market, the average daily trading volume stood at 3.9 MMDH and the interbank rate averaged 3% during this period.

At the call for tenders on June 21 (value date June 22), the Bank injected 53.9 MMDH in the form of 7-day advances.