Moroccan Dirham Strengthens Against Euro, Official Reserves Rise to 304.5 Billion

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates, while specifying that as of May 28, 2021, the outstanding official reserve assets stood at 304.5 billion dirhams (MMDH), up 0.4% from the previous week and up 5.4% year-on-year.

BAM reports that an amount of 77.8 MMDH was injected, including 31 MMDH in the form of 7-day advances on call for tenders and 16.9 MMDH in the form of repurchase agreements, during the same period. Similarly, 29.9 MMDH were injected under the TPME financing support programs.

On the interbank market, the average daily trading volume stood at 4.7 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the June 2 call for tenders (value date June 3), the central bank injected 28.4 MMDH in the form of 7-day advances.