Moroccan Dirham Surges Against Euro, Dips vs Dollar as Official Reserves Decline
The Moroccan currency appreciated by 0.78% against the euro and depreciated by 1.31% against the US dollar, during the period from April 11 to 17. This is what the indicators published by Bank Al-Maghrib (BAM) specify.
During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of April 12, 2024, the outstanding official reserve assets stood at 358.6 billion dirhams (MMDH), down 0.6% from the previous week and 0.5% year-on-year.
BAM reports that an amount of 129.4 MMDH was injected, including 48.4 MMDH in the form of 7-day advances on call for tenders and 50.6 MMDH in outstanding long-term repurchase agreements and 30.4 MMDH in long-term guaranteed loans, during the same period.
On the interbank market, the average daily trading volume stood at 3 MMDH. As for the interbank rate, it stood at an average of 3%. During the call for tenders on April 17 (value date April 18), the Bank injected an amount of 49.9 MMDH in the form of 7-day advances.
On the stock market, the MASI appreciated by 0.3%, thus bringing its performance since the beginning of the year to 10.7%. This weekly change is explained by the increases in the indices of the "mining" sectors of 10.2%, "participation and real estate promotion" of 6.5% and "real estate investment companies" of 2.8%. Conversely, those relating to the banking and chemical sectors decreased by 0.7% and 9.8% respectively.
As for the weekly trading volume, it amounted to 4.7 MMDH, including nearly 3 MMDH in the form of capital increase.
