Moroccan Dirham Weakens 1.4% Against Euro, Reserves at 241.5 Billion

According to BAM, in its latest weekly indicator bulletin, no auction operation was carried out on the foreign exchange market during this period.

As of March 13, the outstanding net international reserves stood at 241.5 billion dirhams (MMDH), down 0.7% from the previous week and up 6.5% year-on-year.

As for the interbank market, the volume of foreign exchange transactions stood at 13.6 billion dirhams (MMDH) in February 2020, down 3.7 MMDH compared to the same month of the previous year.

Regarding banks’ transactions with customers, their volume stood in February at 21.1 MMDH for spot purchases and 11.7 MMDH for term purchases, compared to 19.8 MMDH and 9.3 MMDH respectively the same month a year earlier.

In addition, sales amounted to 22.1 MMDH for spot transactions and 1.4 MMDH for term transactions, after 20.5 MMDH and 1.8 MMDH respectively.

As for the net foreign exchange position of banks, calculated as the difference between banks’ foreign currency claims and liabilities, it was negative at 3.5 MMDH at the end of February 2020, after a negative balance of 1.4 MMDH at the end of January 2020.