Moroccan Dirham Strengthens Against Euro, Weakens vs Dollar in Latest Bank Al-Maghrib Report

According to Bank Al-Maghrib, in its note on its weekly indicators, no auction operation was carried out on the foreign exchange market, noting that as of February 7, 2020, the outstanding net international reserves remained virtually unchanged from the previous week, at 243.3 billion dirhams (MMDH), with an annual increase of 7.4%.

BAM also indicates that it injected, during the same week, an amount of 65 MMDH, in the form of 7-day advances on call for tenders, the bulletin points out, stating that, taking into account the amounts of 2.3 MMDH granted under the TPME financing support program, and 3.8 MMDH served in the form of foreign exchange swaps, the total volume of interventions amounted to 71.1 MMDH.

As for the net international reserves, they stood at 232 billion dirhams, virtually stable compared to the previous week, while on an annual basis, they show a growth of 3.4%.

According to the central bank, the interbank rate stood, during the same period, at an average of 2.25%, while the daily trading volume reached 1.6 MMDH, reporting an amount injected of 60.3 MMDH in the form of 7-day advances and this, during the call for tenders on February 12 (value date February 13).