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

During this period, no auction operation was carried out on the foreign exchange market, the Moroccan central bank said in its weekly bulletin.

As of October 11, the official reserve assets stood at 361.5 billion dirhams (MMDH), down 1.6% from the previous week and up 2.4% year-on-year, the same source said.

BAM’s interventions averaged 146.8 MMDH per day, including 58.2 MMDH in the form of 7-day advances, 51.9 MMDH in longer-term repurchase agreements and 36.7 MMDH in guaranteed loans.

On the interbank market, the average daily trading volume was 3.6 MMDH and the interbank rate averaged 2.75%.

At the October 16 tender (value date October 17), the Bank injected 61.9 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 2.2% from October 10 to 16, bringing its performance since the beginning of the year to 14.4%.

The weekly trading volume was 1.3 MMDH compared to 1.2 MMDH the previous week, mainly on the central equity market.