Moroccan Dirham Weakens Against Euro and Dollar, Central Bank Reports

Contrary to the period from March 12 to 18, the dirham depreciated against the euro and the dollar, the central bank indicates. In its latest weekly indicator bulletin, the same source specifies that no auction operation was carried out on the foreign exchange market. As of March 20, 2020, the outstanding net international reserves stood at 241.8 billion dirhams, up 0.1% week-on-week and 6.4% year-on-year.

BAM announces that it has injected an amount of 95.1 billion dirhams in the form of 7-day advances on call for tenders, the same source notes. Similarly, a fund of 2.3 billion was granted under the TPME financing support program and an amount of 4.1 billion was paid in the form of foreign exchange swaps. Regarding the total volume of interventions, it stood at 101.5 billion dirhams (MMDH).

As for the interbank rate, it stood at an average of 2% and the daily trading volume at 5.5 MMDH. In addition, the central bank injected an amount of 33.7 MMDH in the form of 7-day advances during the call for tenders on March 25 (value date March 26).

The bank also reported a 10.1% increase in the MASI, recording a performance of 18.7% since the beginning of the year, according to the same bulletin.