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

No auction operation was carried out during the period on the foreign exchange market, Bank Al-Maghrib said in its latest weekly indicators bulletin. As of June 19, official reserve assets stood at 287.9 billion dirhams (MMDH), down 0.4% from the previous week and up 22.1% year-on-year, the same source said.

An amount of 41.2 MMDH in the form of 7-day advances on call for tenders was injected by BAM. The overall outstanding amount of interventions stands at 108.3 MMDH for injections of 34.6 billion in the form of repurchase agreements, 29.6 billion under the TPME financing support program and 3 MMDH for foreign exchange swap operations.

The daily trading volume was set at 4.4 billion and the interbank rate stood at an average of 1.5% on the interbank market during the period, BAM said, noting that it injected an amount of 38.2 MMDH in the form of 7-day advances at the call for tenders on June 24.

Regarding the volume of transactions, it reached 1.3 billion against 773.9 million dirhams (MDH) a week earlier. As for the average daily amount of trades on the central stock market, it stood at 237.1 MDH against 153.1 million a week earlier.