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

During this period, no auction operation was carried out on the foreign exchange market, according to a note on the Weekly Indicators, published by Bank Al-Maghrib. The outstanding net international reserves stood at 243.2 billion dirhams on March 6, 2020, up 0.7% from the previous week and 7% year-on-year.

During the same period, Bank Al-Maghrib injected an amount of 63.9 billion dirhams in the form of 7-day advances on call for tenders. Similarly, an amount of 2.3 billion was granted under the TPME financing support program, and an amount of 3.3 billion was paid in the form of foreign exchange swaps. As for the total volume of interventions, it stood at 69.5 billion dirhams (MMDH).

As for the interbank rate, it stood at an average of 2.26%, while the daily trading volume stood at 3.7 MMDH. In addition, the central bank injected an amount of 61.7 MMDH in the form of 7-day advances at the call for tenders on March 11 (value date March 12).

As for the MASI, it fell by 4.6%, recording a underperformance of 6.8% since the beginning of the year.