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

During this period, no auction operations were carried out on the foreign exchange market, BAM indicates, while specifying that as of March 5, 2021, the outstanding official reserve assets stood at 307.9 billion dirhams (MMDH), down 0.2% week-on-week, and up 23.5% year-on-year.

BAM reports that an amount of 73.4 MMDH was injected, including 28.2 MMDH in the form of 7-day advances on tender and 15.9 MMDH in the form of repurchase operations during the same period. Similarly, 27.7 MMDH and 1.6 MMDH were injected respectively under the programs to support the financing of SMEs and for foreign exchange swap operations.

On the interbank market, the average daily trading volume stood at 3.4 billion. As for the interbank rate, it averaged 1.5%. During the tender on March 10 (value date March 11), the central bank injected an amount of 26.1 billion dirhams in the form of 7-day advances, it is specified.