Moroccan Dirham Strengthens Against Dollar, Slips Versus Euro in Latest BAM Report

During the same week, Bank Al Maghrib (BAM) indicates that no auction operation was carried out on the foreign exchange market.

Furthermore, the net international reserves stood at 230.8 billion dirhams (MMDH), down 0.2% from the previous week and up 3.3% year-on-year.

Regarding market interventions, Bank Al-Maghrib injected an amount of 68.3 MMDH in the form of 7-day advances on a call for tenders during the same period. Similarly, a fund of 2.3 MMDH was granted under the program to support the financing of SMEs and 4.6 MMDH was provided through a foreign exchange swap operation, with the total volume of interventions amounting to 75.2 billion dirhams.

During this period, the interbank rate averaged 2.27% and the daily trading volume was 3.1 MMDH per day, the same source notes, pointing out that, during the call for tenders on November 13 (value date November 14), Bank Al-Maghrib injected an amount of 72.9 MMDH in the form of 7-day advances.