Moroccan Dirham Strengthens Against Euro, Official Reserves Rise to 356.5 Billion

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates in its weekly bulletin.

As of January 31, the official reserve assets stood at 356.5 billion dirhams (MMDH), up 0.6% from the previous week and 6.9% year-on-year.

BAM’s interventions averaged 127.8 MMDH per day, including 51.9 MMDH in the form of 7-day advances, 48.2 MMDH in the form of long-term repurchase agreements and 27.8 MMDH in the form of guaranteed loans.

On the interbank market, the average daily trading volume stood at 2.4 MMDH and the interbank rate averaged 3%.

At the February 7 call for tenders (value date February 8), the Bank injected 42.4 MMDH in the form of 7-day advances.

As for the weekly trading volume, it fell from 1 MMDH to 712.8 million dirhams (MDH) week-on-week, mainly carried out on the central equity market.