Morocco’s Foreign Currency Reserves Dip 0.6% Weekly, Up 25.2% Annually

Official Reserve Assets (ORA) are considered "external assets that monetary authorities directly control and can immediately use to meet balance of payments financing needs, to intervene in foreign exchange markets to influence the exchange rate, and for other related purposes," Bank Al-Maghrib explains in its report.

According to the same source, these ORA consist of holdings of monetary gold and SDRs, convertible foreign currency assets of the central bank, and Morocco’s reserve position with the IMF.

Bank Al-Maghrib also adds that it injected 118.9 MMDH into the money market, and 38.1 MMDH in the form of 7-day advances, during the call for tenders on July 29 (value date July 30). It did not fail to point out that in the interbank market, the daily trading volume stood at 5.4 MMDH and the interbank rate averaged 1.5% over the period.