The exchange rate of the dirham rises against the dollar

The Bank of Morocco reported that the dirham exchange rate remained almost stable against the euro, and rose by 0.51 percent against the US dollar, during the period from April 25 to May 1, 2024.

The Bank of Morocco explained, in its latest weekly bulletin, that during this period no tender process was conducted in the exchange market, highlighting that the official reserve assets amounted, on April 26, 2024, to 359 billion dirhams.

The Bank of Morocco’s interventions, on average daily, amounted to 127.9 billion dirhams. They are distributed in the form of 7-day advances (43.5 billion dirhams), long-term repurchase operations (51.8 billion dirhams), and guaranteed loans (32.6 billion dirhams).

At the interbank market level, the average daily trading volume reached 2.6 billion dirhams, while the interbank rate reached 3 percent on average.

During the request for offers on May 2 (due date May 2), the bank pumped an amount of 47.1 billion dirhams in the form of advances for a period of 7 days.