Moroccan Dirham Weakens Against Euro, Strengthens vs Dollar Amid Currency Fluctuations

During this period, no auction operation was carried out on the foreign exchange market. On May 29, official reserve assets stood at 288.8 billion dirhams (MMDH), up 0.4% from the previous week and 21.4% year-on-year.

Regarding Bank Al-Maghrib’s interventions during this week, they reached 104.5 MMDH, including 37.3 MMDH in the form of 7-day advances on call for tenders, 43.4 MMDH in the form of repurchase agreements.

Similarly, an amount of 21.1 MMD was granted under the TPME financing support program and 2.8 MMDH for foreign exchange swap operations.

As for the interbank rate, it stood at an average of 2% and the daily trading volume was 4.4 MMDH. The Moroccan central bank also announced that it had injected an amount of 39.9 MMDH in the form of 7-day advances during the call for tenders on June 3 (value date June 4).

On Monday, June 8, the US dollar was worth 9,686 dirhams, while the euro was trading at 10,923 dirhams.