Moroccan Dirham Weakens Against Euro, Strengthens vs Dollar: Central Bank Report

No foreign exchange auction operations were carried out during this period, according to BAM’s note on its weekly indicators. The outstanding net international reserves remained stable from one week to the next at 241.4 billion dirhams (MMDH) as of February 28, with a year-on-year change of 6.3%.

Also during the same period, Bank Al-Maghrib injected a total of 72.2 MMDH, including 66.6 MMDH in the form of 7-day advances on call for tenders, 2.3 MMDH granted under the TPME financing support program and 3.3 MMDH in the form of foreign exchange swaps. Similarly, 63.9 MMDH in the form of 7-day advances were injected during the March 4 call for tenders (value date March 5).

As for the interbank rate, it averaged 2.25%, while the daily trading volume reached 2.9 MMDH. Regarding the MASI, it depreciated by 4.3%, representing an underperformance of 2.4% since the beginning of the year. This is explained by the decline in the sectoral indices of "buildings and construction materials" by 6.1%, "telecommunications" by 4% and "banks" by 3.7%.