Moroccan Dirham Strengthens Against Euro and Dollar, Official Reserves at 295.8 Billion

During this period, no auction operation was carried out on the foreign exchange market. As of September 25, 2020, the Official Reserve Assets (AOR) amounted to 295.8 billion dirhams, down 1.1% from the previous week and up 23% year-on-year.

BAM indicates that it has injected a total of 102.3 billion dirhams, including 38 billion dirhams in the form of 7-day advances on call for tenders, 30.6 billion dirhams in the form of repurchase agreements. Similarly, an amount of 28.7 billion dirhams was granted under the TPME financing support program and an amount of 4.9 billion dirhams was paid in the form of foreign exchange swaps.

As for the average daily trading volume on the interbank market, it amounted to 6.1 billion dirhams. Regarding the interbank rate, it averaged 1.5% over the period.

In addition, the central bank injected an amount of 38.9 billion dirhams in the form of 7-day advances during the call for tenders on September 30 (value date October 1). As for the MASI, it depreciated by 1.1%, bringing its underperformance since the beginning of the year to 17.9%, notes the same source.