Moroccan Dirham Strengthens Against Dollar and Euro as Foreign Reserves Rise

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates in its recent weekly bulletin.

The official reserve assets stood at 361.5 billion dirhams (MMDH) as of March 1, up 0.9% from the previous week and 8.6% year-on-year.

As for BAM’s interventions, they averaged 126.4 MMDH per day, including 45.5 MMDH in the form of 7-day advances, 52.9 MMDH in long-term repurchase agreements and 28.1 MMDH in guaranteed loans.

On the interbank market, the average daily trading volume stood at 1.9 MMDH and the interbank rate averaged 3%.

On the stock market, the MASI depreciated by 1.5%, bringing its performance since the beginning of the year to 7%. This weekly change mainly reflects the declines in the indices of the banking sector by 3.2%, the building and construction materials sector by 1.1% and the real estate investment companies sector by 1.4%. Conversely, the real estate and computer hardware, software and services sectors gained 10.3% and 0.7% respectively.