Moroccan Dirham Strengthens Against Euro and Dollar, Central Bank Reports

According to BAM, the foreign exchange market did not see any auction operation during this period. As of October 9, 2020, the official reserve assets remained almost at the same level as the previous week, i.e. 294.7 billion dirhams, and they increased by 23.4% year-on-year.

During the same period, BAM injected a total of 102.1 billion DH, including 37.9 billion DH in the form of 7-day advances on call for tenders, 30.6 billion DH in the form of repurchase agreements. As part of the TPME financing support program, 28.7 billion DH were injected and 4.9 billion DH for foreign exchange swap operations.

As for the average daily trading volume, it stood at 7.4 billion dirhams on the interbank market. Regarding the interbank rate, it averaged 1.5%.

At the October 14 call for tenders (value date October 15), BAM said it had injected 39.6 billion dirhams in the form of 7-day advances.

As for the Masi, it appreciated by 1.8%, bringing its underperformance since the beginning of the year to 14.7%.

As of October 16, the dollar was worth 9.207 dirhams, while the euro was trading at 10.793 dirhams.