Moroccan Dirham Strengthens Against Euro and Dollar as Reserves Reach 278.6 Billion

While no auction operation was carried out during this period, the net international reserves (NIR) as of May 8 stood at 278.6 billion dirhams (MMDH), down 0.6% from the previous week and up 19.9% year-on-year.

Bank Al-Maghrib injected, during the same week, an amount of 24.3 MMDH in the form of 7-day advances on call for tenders, 49.9 MMDH in the form of repurchase agreements, 14 MMDH under the TPME financing support program and 2.8 MMDH for foreign exchange swap operations, bringing the total outstanding interventions to 91 MMDH.

As for the interbank rate, it averaged 2.00%, with a daily trading volume of 4 MMDH, the same source said, noting that in the call for tenders on May 13 (value date May 14), Bank Al-Maghrib injected an amount of 27 MMDH in the form of 7-day advances.

Regarding the MASI (stock market index), it depreciated on the stock market, bringing its underperformance since the beginning of the year to 24%.