Moroccan Dirham Weakens Against Dollar and Euro, Official Reserves Rise

27 August 2023 – bySaid@Bladi · 1 min read

The Moroccan currency depreciated by 1.76% against the US dollar and 0.76% against the euro during the period from August 17 to 23, 2023, according to figures published by Bank Al-Maghrib (BAM).

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates in its latest weekly indicators bulletin.

As of August 18, 2023, official reserve assets stood at 351.7 billion dirhams (MMDH), up 0.3% from the previous week and 5.4% year-on-year.

During the week of August 17 to 23, 2023, the total outstanding amount of BAM’s interventions amounted to 102.1 MMDH, including 36.3 MMDH in the form of 7-day advances on tender, 43.2 MMDH in long-term repurchase agreements and 22.6 MMDH in long-term guaranteed loans.

On the interbank market, the average daily trading volume stood at 1.9 MMDH and the interbank rate averaged 3%.

On the central equity market, the average daily volume amounted to 85.9 MDH against 80.3 MDH.

On Friday, August 25, the US dollar was trading at 10.112 dirhams, while the euro was worth 10.929 dirhams.

Category: Economy

Keywords:

Bank Al-Maghrib Moroccan Dirham Euro Dollar