Moroccan Dirham Strengthens Against Euro and Dollar, Central Bank Reports
The Moroccan currency appreciated by 0.24% against the euro and 0.9% against the US dollar during the period from November 23 to 29, according to Bank Al-Maghrib (BAM).
During this period, no auction operation was carried out on the foreign exchange market, according to a weekly bulletin from the Moroccan central bank.
As of November 24, 2023, the official reserve assets stood at 353.4 billion dirhams (MMDH), down 0.3% from the previous week and up 3.5% year-on-year.
Bank Al-Maghrib’s interventions were, on average per day, 114.1 MMDH, including 44.6 MMDH in the form of 7-day advances, 41.6 MMDH in long-term repurchase agreements and 28 MMDH in guaranteed loans for outstanding amounts.
On the stock market side, the MASI gained 1.8%, bringing its performance since the beginning of the year to 9.9%. This weekly change mainly reflects the declines in the indices of the banking sector by 2.3%, "building and construction materials" by 1.9% and "real estate investment companies" by 1.2%.
Conversely, those related to the "portfolio companies and holdings" and insurance sectors increased by 5.1% and 1.6% respectively.
As for the weekly trading volume, it stood at 619.6 MDH, compared to 2.5 MMDH the previous week and was carried out almost exclusively on the central equity market.
