Moroccan Dirham Strengthens Against Euro, Official Reserves Rise

According to BAM, no auction operation was carried out on the foreign exchange market. Still according to the latest weekly indicator bulletin, the official reserve assets recorded a slight increase of 0.1% as of October 23, to reach 293.7 billion dirhams (MMDH), while they increased by 23.1% year-on-year.

Furthermore, during the period from October 22 to 28, 2020, the central bank specifies that it has injected a total of 104.1 MMDH, including 40.2 MMDH in the form of 7-day advances on call for tenders, 26.5 MMDH in the form of repurchase agreements, 31.9 MMDH as part of the TPME financing support program and 5.3 MMDH for foreign exchange swap operations.

Meanwhile, on the interbank market, the average daily trading volume stood at 5.7 MMDH during the period from October 22 to 27, and the interbank rate averaged 1.5%, according to the same source. It adds that it has injected an amount of 43 MMDH in the form of 7-day advances, during the call for tenders on October 28 (value date November 2).