Moroccan Dirham Weakens Against Euro and Dollar as Central Bank Boosts Reserves
The Moroccan dirham depreciated, during the week of May 23 to 29, by 0.21% against the euro and 0.35% against the US currency.
The weekly indicators of Bank Al-Maghrib (BAM) show a slight increase of 0.2% in net international reserves, which stand at 232.8 billion dirhams (MMDH), up 1.6% year-on-year.
As for interventions in the money market, BAM injected a total of 73.7 billion dirhams, including 71 billion dirhams in the form of 7-day advances on tenders and 2.7 MMDH granted under the program to support the financing of very small and medium-sized enterprises (VSMEs).
The interbank rate remained stable at 2.25%, while the trading volume stood at 3.9 billion dirhams. As for the stock market, it recorded a 2.2% drop from May 23 to 29 last and 2.6% since the beginning of the year.
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