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Rabat – Bank Al-Maghrib (BAM) reported a slight depreciation of the Moroccan Dirham by 0.2% against both the Euro and the US dollar during the week from January 30 to February 5. This decrease follows a period of stability in the exchange rates observed in the previous week.
According to BAM’s weekly bulletin, the value of the dirham stood at 0.2% lower compared to both major currencies over the period of January 30 to February 5, despite the absence of any foreign exchange market operations.
Last week’s exchange market activity had remained uneventful, with no interventions recorded by BAM.
In terms of Morocco’s official reserve assets (ORA), BAM reported a slight increase. The reserves reached MAD 369.8 billion ($37.5 billion) by January 31, marking a 0.1% rise from the previous week and a 3.7% increase compared to the same period last year.
BAM’s financial interventions during the period from January 30 to February 5 reached an average daily volume of MAD 141.5 billion ($14.2 billion). This was split into various categories, including MAD 59.7 billion ($6 billion) in 7-day advances, MAD 51.3 billion ( $5.1 billion) in longer-term repurchase agreements, and MAD 30.5 billion dirhams ($3 billion) in guaranteed loans.
On the interbank market, the average daily trading volume remained stable at MAD 3.7 billion ( $370 million), with the interbank rate averaging 2.5%.
In comparison, last week’s report by BAM, covering the period from January 23 to 29, showed the dirham remained nearly stable against the euro and dollar.
Official reserve assets stood at MAD 369.4 billion ( $37 billion) by January 24, indicating a 0.3% increase compared to the previous week and a steady 4.2% growth year-on-year.
