Moroccan Dirham Strengthens Against Euro, Weakens vs Dollar in Mid-February

According to BAM, in its latest weekly indicators bulletin, no auction operation was carried out on the foreign exchange market during this period. As of February 14, 2020, the outstanding net international reserves stood at 242.2 billion dirhams (MMDH), down 0.5% from the previous week and up 6.9% year-on-year.

BAM also announced that it had injected an amount of 60.3 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 3.8 billion was paid in the form of a currency swap. The total volume of interventions amounted to 66.3 MMDH.

As for the interbank rate, it stood at an average of 2.25% and the daily trading volume at 2.6 MMDH. In addition, the central bank injected an amount of 67.1 MMDH in the form of 7-day advances during the call for tenders on February 19 (value date, February 20).

The figures from the central bank also show that the Masi (stock market index) on the financial market appreciated by 2.1% during the same period, bringing its performance since the beginning of the year to 0.9%.