Moroccan Dirham Strengthens Against Dollar, Weakens Versus Euro in Mid-August

In its latest bulletin of weekly indicators, BAM indicates that no auction operation was carried out during the same period on the foreign exchange market. As of August 13, 2020, the official reserve assets stood at 289 billion dirhams (MMDH), down 0.8% week-on-week and up 22.4% year-on-year.

According to BAM, a total amount of 119.2 billion DH, including 40.3 billion DH was injected in the form of 7-day advances on call for tenders. We note 44 billion DH in the form of repo operations, 31.8 billion in the TPME financing support program and 3 billion DH for foreign exchange swap operations.

As for the daily trading volume, it stood at 4.7 billion DH on the interbank market. As for the interbank rate, it stood at an average of 1.5% during the same period. BAM also indicates that it injected an amount of 33.4 billion DH in the form of 7-day advances during the call for tenders on August 19 (value date August 24).

As for the MASI, it recorded a 0.2% increase during the same period on the stock market, bringing its underperformance since the beginning of the year to 15.4%.