Moroccan Dirham Strengthens Against Euro and Dollar, Official Reserves at 307.5 Billion

During this period, no auction operation was carried out on the foreign exchange market, the central bank said, while specifying that as of March 12, 2021, the outstanding official reserve assets stood at 307.5 billion dirhams (MMDH), down 0.1% week-on-week, and up 24.2% year-on-year.

BAM reports that an amount of 71.3 MMDH was injected, including 26.1 MMDH in the form of 7-day advances on call for tenders and 15.9 MMDH in the form of repurchase agreements during the same period. Similarly, 27.7 MMDH and 1.6 MMDH were injected respectively under the TPME financing support programs and for foreign exchange swap operations.

On the interbank market, the average daily trading volume stood at 4.4 billion. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on March 17 (value date March 18), the central bank injected an amount of 26.8 billion dirhams in the form of 7-day advances.