Home Economy Moroccan Dirham Up by 0.3% Against Euro, Down by 0.5% Against Dollar

Moroccan Dirham Up by 0.3% Against Euro, Down by 0.5% Against Dollar

Moroccan Dirham Up by 0.3% Against Euro, Down by 0.5% Against Dollar

Rabat – The Moroccan dirham has appreciated by 0.3 percent against the euro and depreciated by 0.5 percent against the US dollar from 22 to 28 February 2018, according to indicators from Bank Al-Maghrib.

At the end of February, Morocco’s foreign exchange reserves were at USD 25.4 billion, an annual drop of 5.9 percent, Morocco’s central bank reported.

Bank Al-Maghrib stated that no auction was conducted on the foreign exchange market. The bank placed MAD 48 billion dirhams in seven-day advances  by tender.

The funding support program TPME granted MAD 3.4 billion in late February with a total market intervention amounting to MAD 51.4 billion. Bank Al-Maghrib reported he interbank rate at 2.25 percent and trade volume at MAD 3 billion.

Referring to the auctions recorded this week, Bank Al-Maghrib said that the treasury has retained MAD 1.6 billion on a proposed amount of MAD 8.9 billion.

This would cover the country’s 2-year bills at a rate of 2.46 percent and 10 years bill at 3.26 percent.

In terms of the stock market indicators, Bank Al-Maghrib argues that the MASI recorded a slight decrease of 0.1 percent this week, reducing its performance since the beginning of the year to 6.1 percent.

Almost all of the transactions made in the central market hit an average daily volume of 179.8 million against 125.4 million a week earlier.

During the first week after the new flexible exchange-rate, the dirham appreciated by 0.13 percent against the euro and fell by 0.28 percent against the dollar, according to previous figures of Bank Al Maghrib.

Before Morocco adopted the floating of the Moroccan dirham, foreign exchange reserves had reached  26.2 billion dollars.

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