Moroccan Dirham Gains Against Dollar, Slips Versus Euro as Reserves Hold Steady

As for international reserves, they stood at 231.3 billion dirhams (MMDH) on October 18, almost stagnant from one week to the next, but up 3.5% year-on-year, BAM reports.

Regarding interventions in the money market, BAM injected a total of 74.8 MMDH during the same period, including 68 MMDH in the form of 7-day advances on call for tenders. Similarly, a fund of 2.3 MMDH was granted under the TPME financing support program and through a foreign exchange swap operation.

During this period, the interbank rate stood at 2.28% and the trading volume at 3.9 MMDH, the same note informs, adding that the MASI is showing a clear progression with a rate of 1.8%, which brings its performance since the beginning of the year to 3.5%. It also appreciated by 1.4%, bringing its performance since the beginning of the year to 1.5%, adds the same source.

In addition, banks and telecommunications recorded increases of 1.4% and 2.3% respectively, with the exception of insurance, which fell by 1.8%.

The overall trading volume amounted to 639.8 million dirhams (MDH) against 362.1 MDH the previous week. As for the average daily trading, it stood at 97.9 billion against 70.4 billion last week.

Note that this Monday, October 28, the dollar is worth 9.633 dirhams while the euro is exchanged at 10.705 dirhams.