Moroccan Dirham Weakens Against Euro, Stable vs Dollar as Central Bank Maintains Reserves
The Moroccan currency depreciated, during the week of February 21 to 27, by 0.62% against the euro and remained almost stable against the US dollar.
The weekly indicators of Bank Al-Maghrib (BAM) also report a stability of the net international reserves which stood at 227.2 billion dirhams (MMDH) as of February 22, while on an annual basis, they are down 3%.
As for interventions in the money market, BAM injected a total of 74.5 MMDH, including 72 MMDH in the form of 7-day advances on tenders and 2.5 MMDH granted under the program to support the financing of VSEs (Very Small and Medium Enterprises).
The interbank rate stabilized at 2.26%, while the trading volume amounted to 3.5 billion dirhams during the aforementioned period.
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