The Moroccan dirham saw an appreciation during the week of June 20-26, 2024, gaining 0.9% against the euro and 0.37% against the US dollar, according to the latest report from Bank Al-Maghrib (BAM). This appreciation marks a positive trend for the Moroccan currency amid stable economic conditions.
Throughout this period, no foreign exchange auction operations were conducted, indicating a steady foreign exchange market. As of June 21, 2024, Morocco’s official reserve assets were reported at 366.5 billion dirhams (MMDH), showing minimal change from the previous week but reflecting a 5.2% year-on-year increase.
Bank Al-Maghrib’s interventions during this week averaged 145.3 billion dirhams per day. These interventions included 60.9 billion dirhams in 7-day advances, 51.2 billion dirhams in long-term repurchase agreements, and 33.2 billion dirhams in guaranteed loans. This strategic distribution of funds highlights the central bank’s active role in maintaining liquidity and stability in the financial system.
The interbank market saw an average daily trading volume of 3.1 billion dirhams, with the interbank rate averaging 2.95%. This is a slight decrease from the previous week’s 3%, following the central bank’s decision to reduce the key interest rate by 25 basis points on June 25, 2024.
