Moroccan Dirham Strengthens Against Dollar, Holds Steady vs Euro

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

As of December 29, 2023, the official reserve assets stood at 358.9 billion dirhams (MMDH), up 0.1% from the previous week and 6.3% year-on-year, the same source specifies.

BAM’s interventions averaged 129.6 MMDH per day, divided between 7-day advances of 60.1 MMDH and long-term repurchase agreements and guaranteed loans of 42.2 MMDH and 27.4 MMDH respectively.

On the interbank market, the average daily trading volume was 4.5 MMDH and the interbank rate averaged 3%.

As for the stock market, the MASI gained 1%. This weekly change mainly reflects the increases in the indices of the "mining" sector by 10.9%, the "real estate investment companies" sector by 2.3% and the "banks" sector by 0.5%.

On the other hand, those related to the "oil and gas" and "insurance" sectors fell by 2.2% and 0.9% respectively.

As for the weekly trading volume, it fell from 12.7 MMDH to 1.7 MMDH from one week to the next, carried out almost exclusively on the central equity market.