Moroccan Dirham Weakens Against Euro, Stable vs Dollar as Reserves Grow

Between April 15 and 21, the dirham fell by 0.33% against the euro. During this period, there was no foreign exchange auction operation. As for the outstanding official reserve assets, it stood at 304.2 billion dirhams on April 16, 2021, an increase of 2.6% year-on-year.

During this period, Bank Al-Maghrib injected 33.9 billion dirhams in the form of 7-day advances on call for tenders. With the provision of 15 billion dirhams in the form of repurchase operations and the 28.5 billion dirhams injected under the TPME financing support programs, the overall outstanding Bank Al-Maghrib interventions reached 77.4 billion dirhams.

The average daily trading volume reached 3.8 billion on the interbank market, while the interbank rate stood at 1.5% over the same period. During the call for tenders on April 21, Bank Al-Maghrib injected a total of 25.2 billion dirhams in the form of 7-day advances.