Moroccan Dirham Strengthens Against Euro and Dollar in Late August

The month of August ended well for the dirham. The Moroccan currency appreciated against the euro (0.23%) and the dollar (0.10%) during the period from August 22 to 28, 2019. The foreign exchange market did not see any auction operations during this period, Bank Al-Maghrib (BAM) indicates in a note on its weekly indicators.

As for the net international reserves, they stood at 232 billion dirhams (MMDH), down 0.1% from the previous week, and 2.5% year-on-year.

Regarding interventions in the money market, BAM injected a total amount of 98.5 MMDH during the same period, including 96.2 MMDH in the form of 7-day advances on call for tenders. Similarly, a fund of 2.3 MMDH was granted under the TPME financing support program.

The interbank rate stood at 2.28% and the trading volume at 3.9 MMDH, the same note specifies. The MASI is showing a clear progression with a rate of 1.8%, bringing its performance since the beginning of the year to 3.5%.

In addition, construction and building materials, agri-food, banks and telecommunications recorded increases of 3.4%, 2.7%, 1.3% and 0.5% respectively.