Moroccan dirham weakens against Euro and US dollar in early March

15:26

The Moroccan dirham weakened against major currencies during the first week of March, according to weekly indicators released by Bank Al-Maghrib.

Between March 5 and 11, the dirham depreciated by 0.5% against the Euro and 0.8% against the United States dollar, reflecting movements in international foreign-exchange markets.

Meanwhile, Morocco’s official foreign exchange reserves stood at 461.3 billion dirhams as of March 6, slightly down 0.2% week-on-week but showing a strong 25.8% increase year-on-year.

The central bank’s interventions in the money market averaged 153.4 billion dirhams per day, including 7-day advances, longer-term repurchase agreements, and guaranteed loans aimed at maintaining liquidity in the banking system.

On the interbank market, the average daily trading volume reached 3.8 billion dirhams, while the interbank interest rate stood at 2.25%.

During its weekly liquidity operation on March 11, Bank Al-Maghrib injected 60.5 billion dirhams into the banking sector through its tender operations.

The data reflect the central bank’s ongoing efforts to stabilize financial markets and maintain sufficient liquidity while monitoring exchange-rate fluctuations.