Moroccan Dirham Slips Against Euro, Gains on Dollar in Latest Currency Trends

The dirham recorded a 0.15% drop against the euro during the period from May 20 to 26, 2020, while against the dollar it showed a 0.67% increase. In its latest weekly indicator bulletin, BAM indicates that no auction operation was carried out on the foreign exchange market during the same period. It reveals that the outstanding net international reserves stood at 241.5 billion dirhams (MMDH), down 0.3% from the previous week and up 6.5% year-on-year.

The bulletin states that an amount of 67.1 MMDH, in the form of 7-day advances on call for tenders, was injected by the central bank. The interbank rate stood at an average of 2.25% and the daily trading volume at 2.7 MMDH during the period indicated, the same source said, specifying that BAM injected an amount of 66.6 MMDH in the form of 7-day advances, during the call for tenders on February 26.

The total trading volume reached 1.5 MMDH after 975 million the previous week, while on the central stock market, the average daily volume reached 212.1 million dirhams against 131.7 million. The Moroccan All Shares Index (MASI) experienced a 1.1% increase in the stock market. According to the bulletin, this increase represents a performance of 2% since the beginning of the year and reflects an increase in the indices of several sectors of the kingdom’s economy. These are the "telecommunications" sector, whose indices increased by 4.8%, "buildings and construction materials" by 2.1%, "distributors" by 1.7% and "banks" by 0.5%.

Note that as of May 22, the euro was worth 10.773 dirhams, while the dollar was trading at 9.882 dirhams.