Moroccan Dirham Strengthens Against Euro and Dollar, Central Bank Reports

According to Bank Al-Maghrib (BAM), in its latest weekly indicator bulletin, no auction operation was carried out on the foreign exchange market. As of January 24, 2020, the outstanding net international reserves remained stable from one week to the next at 243.9 billion dirhams (MMDH), showing an annual increase of 6.4%.

Regarding interventions in the money market, Bank Al-Maghrib injected, during the week of January 23 to 29, 2020, an amount of 57.7 MMDH in the form of 7-day advances on call for tenders. Similarly, a fund of 2.3 billion DH was granted under the TPME financing support program and 3.8 served through a foreign exchange swap operation, with the total volume of interventions set at 63.8 billion dirhams.

As for the interbank rate, it stood at an average of 2.29% and the daily trading volume at 3.1 MMDH, adds Bank Al-Maghrib, which states that it injected an amount of 67.1 MMDH in the form of 7-day advances during the call for tenders on January 29 (value date January 30).

The central bank’s figures also show that the Masi (stock market index) on the financial market fell by 0.8%, bringing its performance since the beginning of the year to 3%.