The Moroccan dirham depreciated by 0.5% against the US dollar and by 0.4% against the euro during the week of May 22 to 28, according to the central bank, Bank Al-Maghrib (BAM).
During this period, no auction operations were carried out on the foreign exchange market, BAM indicated in its latest weekly indicators bulletin.
Official reserve assets stood at 400.8 billion dirhams (MAD) as of May 23, marking an increase of 1.1% week-on-week and 8.3% year-on-year, the same source noted.
As for BAM’s interventions, they amounted to an average daily volume of 121 billion MAD between May 22 and 28. This amount includes 42.6 billion MAD in 7-day advances, 44.6 billion MAD in longer-term repurchase agreements, and 33.9 billion MAD in guaranteed loans.
On the interbank market, the average daily trading volume stood at 3 billion MAD, with the interbank rate averaging 2.25%.
As for the weekly trading volume, it fell from 1.9 billion MAD to 1.7 billion MAD week-on-week, mainly driven by transactions on the central equity market.
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