Moroccan Dirham Weakens Against Euro, Strengthens vs Dollar in Latest Week

Contrary to the period from February 13 to 19, the dirham depreciated against the euro and the dollar, the central bank indicates. In its latest weekly indicator bulletin, the same source specifies that no auction operation was carried out on the foreign exchange market. As of February 21, 2020, the outstanding net international reserves stood at 241.5 billion dirhams (MMDH), down 0.3% from the previous week and up 6.5% year-on-year.

BAM announces that it injected an amount of 67.1 MMDH during the same week, in the form of 7-day advances on tender. Similarly, a fund of 2.3 billion was granted under the TPME financing support program and 3.3 billion served in the form of foreign exchange swaps. As for the total volume of interventions, it stood at 72.7 MMDH.

As for the interbank rate, it stood at an average of 2.25%, and the daily trading volume at 2.7 MMDH. In addition, the central bank injected an amount of 66.6 MMDH in the form of 7-day advances during the tender on February 26 (value date February 27).

The Bank also reported a 1.1% increase in the MASI over this period, thus recording a performance of 2% since the beginning of the year.