Moroccan Dirham Drops Against Dollar and Euro, Official Reserves Dip

During this same period, no adjudication movement was made on the foreign exchange market. In addition, the official reserve assets stood at 341.9 billion dirhams (MMDH), marking a weekly decline of 0.7% but an annual increase of 3.6%.

On the side of BAM’s interventions, the week saw a total of 104.7 MMDH, divided between 7-day advances, long-term repurchase agreements and long-term guaranteed loans. On the interbank market, the daily average trading volume reached 2.7 MMDH, with an average interbank rate of 3%. An injection of 34.7 MMDH in the form of 7-day advances was also carried out by the Bank on August 2.

Regarding the stock market, the MASI index appreciated by 3.1%, bringing its annual performance to 13.8%. This increase is mainly explained by the increases in the "food" sectors of 5.3%, "building and construction materials" of 2.7% and "banks" of 2%. Conversely, the "oil and gas" and "mining" sectors recorded a decline of 1.2% and 1.3% respectively. The overall trading volume reached 1.4 MMDH, up from the previous week.

As of August 4, the US dollar was worth 9.812 Moroccan dirhams, while one euro was exchanged for 10.736 dirhams.