Moroccan Dirham Weakens Against Euro, Gains on Dollar Amid Reserve Changes

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates, while specifying that as of February 19, 2021, the outstanding official reserve assets stood at 308.2 billion dirhams (MMDH), down 1.5% from the previous week, and up 24.5% year-on-year.

BAM reports that an amount of 72.2 MMDH was injected, including 28 MMDH in the form of 7-day advances on call for tenders and 15.9 MMDH in the form of repurchase agreements during the same period. Similarly, 26.7 MMDH and 1.6 MMDH were injected respectively under the SME financing support programs and for foreign exchange swap operations.

On the interbank market, the average daily trading volume stood at 4.4 billion. As for the interbank rate, it averaged 1.5%. At the call for tenders on February 24 (value date February 25), the central bank injected an amount of 30.6 billion dirhams in the form of 7-day advances.

As of February 26, the US dollar was worth 8.938 dirhams, while the euro was traded at 10.827 dirhams.