Moroccan Dirham Weakens Against Euro, Gains on Dollar

As of February 28, 2025, official reserve assets stood at 367.9 billion dirhams, almost unchanged from the previous week and up 2.3% year-on-year.

During the week of February 27 to March 5, 2025, the volume of Bank Al-Maghrib’s interventions averaged 146.9 billion dirhams per day. It is divided between 7-day advances for an amount of 65.2 billion as well as longer-term repurchase agreements and guaranteed loans for respective amounts of 47 billion and 34.7 billion.

On the interbank market, the daily average trading volume rose to 3.8 billion and the interbank rate averaged 2.50%.

At the auction of March 4, 2025, the Treasury retained 2.6 billion dirhams out of a total proposed amount of 5.1 billion. Subscriptions amounted to 1.5 billion on the 52-week maturity at a rate of 2.58% and 1.1 billion on the 2-year maturity at a rate of 2.65%. In the absence of any redemption during the period from March 6 to 12, 2025, the outstanding Treasury bills should stand at 780.4 billion dirhams as of March 12.