Moroccan Dirham Strengthens Against Dollar, Slips Versus Euro in Weekly Trading

17 June 2023 – bySaid@Bladi · 1 min read

The Moroccan currency appreciated by 0.69% against the US dollar and depreciated by 0.14% against the euro, during the week from June 8 to 14, according to data published by Bank Al-Maghrib (BAM).

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

As of June 9, 2023, official reserve assets stood at 352.3 billion dirhams (MMDH), down 0.8% from the previous week and up 9.8% year-on-year, the same source said.

During the same week, the overall outstanding amount of BAM’s interventions stood at 81.7 MMDH, including 35 MMDH in the form of 7-day advances on call for tenders, 26.1 MMDH in outstanding long-term repurchase agreements and 20.7 MMDH in long-term guaranteed loans.

On the interbank market, the average daily trading volume stood at 4.2 MMDH and the interbank rate averaged 3% during this period.

Category: Economy

Keywords:

Bank Al-Maghrib Moroccan Dirham Euro Dollar