Moroccan Dirham Gains Against Euro as Foreign Reserves Rise

Official reserve assets stood at 387 billion dirhams (MMDH) on April 25, up 0.3% compared to the previous week and 7.8% year-on-year, according to the central bank.

Regarding the volume of BAM interventions, it amounted to 130.9 MMDH on average daily during the period from April 24 to 30, divided between 7-day advances (52.4 MMDH), longer-term repurchase agreements (41.3 MMDH) and guaranteed loans (37.2 MMDH).

On the interbank market, the average daily volume of exchanges stood at 4.1 MMDH and the interbank rate averaged 2.25%. During the call for tenders on April 30 (value date May 2), the Bank injected 49.1 MMDH in the form of 7-day advances.

On the stock market side, the MASI appreciated by 1%, bringing its performance since the beginning of the year to 17.7%. This evolution notably reflects increases of 1.7% in the banking index, 1.8% for building and construction materials, and 6.7% for electricity.