Moroccan Dirham Gains Against Euro and Dollar as Foreign Reserves Rise
The Moroccan dirham appreciated by 0.3% against the euro and 0.1% against the US dollar during the period from September 5 to 11, 2024, according to Bank Al-Maghrib (BAM).
During this period, no auction operation was carried out on the foreign exchange market, BAM said in its weekly bulletin.
As of September 6, official reserve assets stood at 364 billion dirhams (MMDH), up 0.2% week-on-week and 2.4% year-on-year, the same source noted.
On the interbank market, the average daily trading volume was 1.7 MMDH and the interbank rate averaged 2.75%.
On the stock market, the MASI gained 0.6%, bringing its performance since the beginning of the year to 15.2%. This development reflects in particular the increases in the indices of the transport services (+5.5%), real estate (+5.4%) and agri-food (+3.5%) sectors.
As for the weekly trading volume, it stood at 1.3 MMDH, compared to 2 MMDH the previous week, mainly carried out on the central equity market.
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