Noting the surplus of currencies on the financial market, the central bank had to intervene to mop up a stock of 3 billion dollars on the banking market alone.

The central bank announces the organization since the beginning of this week of the auctions of purchase of currencies. The official reserve assets of Bank Al-Maghrib would be around 328.5 billion dirhams at the end of 2021 and 338.6 billion at the end of 2022, i.e. the equivalent of more than 7 months of imports of goods and services. While at the start of the pandemic, Morocco sought to solidify its stocks of currency, it seems to be far exceeding demand. The dirham remained almost stable against the euro and the US dollar, during the period from September 9 to 15, 2021, according to Bank Al-Maghrib. During this period, no auction operations were carried out on the foreign exchange market, indicates BAM in its last bulletin of the weekly indicators.

As of September 10, the outstanding balance of official reserve assets of Bank Al-Maghrib stood at 312.4 billion dirhams (MMDH), virtually stagnating from one week to the next and up by 5, 5% year-on-year, says the central bank. In addition, the overall outstanding balance of Bank Al-Maghrib's interventions comes to 90.2 billion dirhams, including 31.7 billion dirhams in the form of 7-day advances on call for tenders, 30.9 billion dirhams in the form of repurchase agreement, 26.7 billion dirhams as part of support programs for the financing of very small, small and medium-sized enterprises (TPME) and 1 billion dirhams under foreign exchange swap transactions. Bank Al-Maghrib (BAM) should maintain, during its Board meeting scheduled for September 28, the key rate unchanged at 1.5%, according to forecasts by Attijari Global Research (AGR).