Moroccan Dirham Weakens Against Euro and Dollar, Reserves Dip

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

As of July 7, the official reserve assets stood at 341.7 billion dirhams (MMDH), down 1.3% from the previous week and up 5% year-on-year.

During the week of July 6 to 12, the overall outstanding amount of Bank Al-Maghrib’s interventions stands at 104.4 MMDH, including 37.6 MMDH in the form of 7-day advances on call for tenders, 43.1 MMDH in long-term repurchase agreements and 23.7 MMDH in long-term guaranteed loans.

On the interbank market, the average daily trading volume stood at 3.9 MMDH and the interbank rate averaged 3%.

At the July 12 call for tenders (value date July 13), the Bank injected an amount of 38 MMDH in the form of 7-day advances.