Morocco’s official reserve assets reached 500.7 billion dirhams on August 7, up 22.6% from a year earlier and 0.5% from the previous week, Bank Al-Maghrib said in indicators covering August 6 to 12.
The increase extends the strong annual growth in Morocco’s foreign currency reserves, which provide the central bank with resources to cover imports, service foreign obligations and support exchange-rate stability.
The Moroccan dirham appreciated by 0.2% against the euro and 0.1% against the U.S. dollar during the week. Bank Al-Maghrib conducted no foreign-exchange auctions, indicating that the currency movements occurred without direct auction-based intervention.
The central bank supplied an average of 144.8 billion dirhams a day to the banking system. The total comprised 49.4 billion dirhams in seven-day advances, 47.9 billion through longer-term repurchase agreements and 47.5 billion in secured loans.
At its August 12 tender, with settlement scheduled for August 13, Bank Al-Maghrib injected 55 billion dirhams through seven-day advances. The operations provide banks with short-term liquidity and help keep interbank rates aligned with the central bank’s monetary policy stance.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.