The Bank Al-Maghrib (BAM) announced that the Moroccan dirham has appreciated in value against both the US dollar and the euro. Morocco’s national bank reported that over the period between the 10 and 16 of December the national currency performed well.
The Moroccan dirham has gained 0.30% against the euro, which itself has reached a two-year high against the US dollar. Relative to the dollar, the Moroccan dirham appreciated by 0.86% in the same time period. The dirham has performed well without the need for auctions on the foreign exchange market by BAM.
Moroccan reserves had decreased by 0.1% in the week prior to December 11. The total stock of reserve assets stood at 291.1 billion dirhams, a 4% increase on yearly averages.
Morocco’s national bank injected a total of 104.4 billion dirhams into the economy in the week of December 10 to 16 as part of Morocco’s economic stimulus amid the COVID-19 pandemic. MAD 39.6 billion of this sum came in the form of 7-day advances following a round of tenders.
