Moroccan Dirham Strengthens Against Euro and Dollar, Official Reserves at 291.5 Billion

In its latest bulletin, BAM indicates that no auction operation was carried out on the foreign exchange market. As of August 7, 2020, the official reserve assets stood at 291.5 billion dirhams, down 0.4% from the previous week and up 23.8% year-on-year.

According to BAM, an amount of 124.5 billion DH, including 45.6 billion DH was injected in the form of 7-day advances on call for tenders. There are 44 billion DH in the form of repurchase agreements, 31.8 billion DH under the TPME financing support program and 3 billion DH for foreign exchange swap operations.

On the interbank market, the daily trading volume stood at 3.7 billion DH. As for the interbank rate, it averaged 1.5% during the period. BAM also indicates that during the call for tenders on August 12 (value date August 13), it injected an amount of 40.3 billion DH in the form of 7-day advances.

As for the MASI, it appreciated by 0.9%, bringing its underperformance since the beginning of the year to 15.6%.

As of August 13, one US dollar was worth 9.218 dirhams, while the European currency was trading at 10.924 dirhams.