Moroccan Dirham Strengthens Against Euro, Weakens vs Dollar: Central Bank Report

According to BAM, in its latest weekly indicator bulletin, no foreign exchange auction was carried out during this period. As of March 13, the outstanding net international reserves stood at 241.5 billion dirhams (MMDH), down 0.7% from the previous week and up 6.5% year-on-year.

The Moroccan central bank announces that it injected an amount of 61.7 MMDH in the form of 7-day advances on a call for tenders during the same week. Similarly, a fund of 2.3 billion was granted under the TPME financing support program and 3.3 billion was paid in the form of a currency swap. The total volume of interventions amounted to 72.4 MMDH.

As for the interbank rate, it stood at an average of 2.23% and the daily trading volume at 3.6 MMDH. The Bank then carried out a repurchase agreement operation on March 17 for an amount of 17.7 billion for a period of 2 days.

BAM figures also show that the MASI (stock market index) depreciated by 20.7%, thus recording an underperformance of 26.2% since the beginning of the year.