Moroccan currency shows slight movement against major currencies

Saturday 08 February 2025 - 16:00

By: Dakir Madiha

Moroccan currency shows slight movement against major currencies

The Moroccan dirham experienced a minor depreciation of 0.2% against both the Euro and US dollar during the period of January 30 to February 5, according to Bank Al-Maghrib (BAM). This modest decline follows a period of exchange rate stability in the previous week.

The central bank's weekly bulletin indicated this movement occurred without any foreign exchange market operations taking place. Meanwhile, Morocco's official reserve assets (ORA) showed positive movement, reaching MAD 369.8 billion ($37.5 billion) by January 31. This represents a 0.1% increase from the previous week and a 3.7% year-over-year growth.

BAM's financial interventions during this period averaged a daily volume of MAD 141.5 billion ($14.2 billion). These interventions were distributed across several categories: MAD 59.7 billion in 7-day advances, MAD 51.3 billion in longer-term repurchase agreements, and MAD 30.5 billion in guaranteed loans.

The interbank market maintained stability with an average daily trading volume of MAD 3.7 billion, while the interbank rate averaged 2.5%. This current movement contrasts with the previous week's report covering January 23-29, when the dirham maintained stability against both major currencies. During that period, official reserve assets stood at MAD 369.4 billion, showing a 0.3% weekly increase and a 4.2% annual growth.