Moroccan Dirham Depreciates Against USD and Euro

The Moroccan dirham experienced a slight depreciation against major currencies during the week of August 27 to September 2. According to Bank Al-Maghrib (BAM), the central bank, the dirham lost 0.9% of its value against the US dollar and 0.2% against the euro.

No tender operations were conducted on the foreign exchange market during this period, BAM reported in its weekly indicators report. The official reserve assets stood at 500.1 billion dirhams as of August 28, a 0.2% increase from the previous week and a year-over-year growth of 21.8%.

Bank Al-Maghrib's interventions averaged 154.9 billion dirhams daily over the same period, with most of it allocated to 7-day advances, longer-term repurchase agreements, and guaranteed loans. The interbank market saw an average daily trading volume of 3.5 billion dirhams, with an interbank rate of 2.25%.