Moroccan Dirham Weakens Against Euro, Gains on Dollar in Mid-May

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates, while specifying that as of May 12, 2021, the outstanding official reserve assets stood at 302.2 billion dirhams (MMDH), down 0.3% from the previous week and up 6% year-on-year.

BAM reports that an amount of 78.8 MMDH was injected, including 34.7 MMDH in the form of 7-day advances on a call for tenders and 15 MMDH in the form of repurchase agreements, during the same period. Similarly, 29.1 MMDH were injected as part of the support programs for MSME financing.

On the interbank market, the average daily trading volume stood at 3.3 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on May 19 (value date May 20), the central bank injected 31.4 MMDH in the form of 7-day advances.