Moroccan Dirham Weakens Against Dollar and Euro

The Moroccan dirham has experienced some fluctuations in value against major currencies over the past week. According to Bank Al-Maghrib, the central bank of Morocco, the dirham weakened by 1.5% against the US dollar and 0.3% against the euro between September 17 and 23.

The bank's latest weekly indicators bulletin revealed that official reserve assets stood at MAD 503 billion on September 18, a 0.6% increase from the previous week and a 21% rise from a year earlier.

During this period, Bank Al-Maghrib carried out no foreign-exchange auctions, but its interventions averaged MAD 149.6 billion per day, including MAD 54.2 billion in seven-day advances and MAD 48.5 billion in longer-term repurchase agreements.