Morocco’s Currency Shift: Dirham Surges Against Dollar, Dips Versus Euro

During this period, no auction operation was carried out on the foreign exchange market, the Moroccan central bank said in its latest weekly indicator bulletin.

Regarding the official reserve assets (AOR), they stood at 413.8 billion dirhams (MMDH) as of September 12, down 0.2% week-on-week and up 13% year-on-year.

The volume of Bank Al-Maghrib’s operations amounted to 136.8 MMDH on average per day during the week of September 11 to 17. It is divided between 7-day advances for an amount of 59.9 MMDH, longer-term repurchase agreements (40.9 MMDH) and guaranteed loans (36.1 MMDH). On the interbank market, the average daily trading volume was 5.6 MMDH and the interbank rate stood at 2.25% on average.

At the tender on September 17 (value date September 18), the Central Bank injected 58.3 MMDH in the form of 7-day advances.

On the stock market side, the MASI fell by 1.3% from September 11 to 17, bringing its performance since the beginning of the year to 32.6%.