Rabat – Morocco’s Bank Al Maghrib reported a drop in value of the Moroccan dirham against the Euro by 1.02% during the period from September 10-16.
The central bank announced that the value of the Moroccan dirham remains stable against the US dollar.
In the bank’s previous note on data from September 4, the Moroccan dirham dropped 0.21% against the dollar and rose by 0.67% against the Euro.
Morocco’s reserve assets remained relatively stable at MAD 296.9 billion, down by only 0.1% over a seven-day period. Bank Al Maghrib estimated Morocco’s reserve assets at MAD 296.9 billion in its previous note as of September 4.
Year-on-year, Morocco’s reserve assets are up 26.7%.
The central bank injected a total of MAD 105.9 billion. The number saw a slight increase compared to Bank Al Maghrib’s September 13 notice, which reported that the bank injected MAD 106.2 billion as of September 4.
The average daily trade volume stood at 4.5 billion in terms of the interbank rate from September 10-16. The market rate stood at 1.5% on average. The number represents a slight decrease from the previous notice, when Bank Al Maghrib estimated the daily trade volume at 4.7 billion as of September 4.
The MASI fell by 1.1%, bringing its poor performance since the start of the year to 17%.
Morocco’s banking institutions acknowledged economic issues due to the COVID-19 pandemic. Bank Al Maghrib, however, said in August that it has no concerns with Morocco’s financial stability despite the pandemic.
“So far, the monitoring carried out has not revealed any particular concerns about the stability of the national financial system,” the bank said.
The central bank said COVID-19 has an impact on the national economy, calling for an mobilization of all actors in both the private and public sectors to combat the challenges.
