Moroccan Dirham Strengthens Against Dollar, Weakens vs Euro as Reserves Dip

During this period, no auction operations were carried out on the foreign exchange market, indicates BAM in its recent weekly indicators bulletin. Regarding official reserve assets, they stood at 384.8 billion dirhams (MMDH) on April 10, down 2.1% compared to the previous week and up 7.3% year-on-year, according to the same source.

During this period, the volume of BAM interventions amounted to 131 MMDH on average daily. It is divided between 7-day advances for an amount of 49.3 MMDH as well as longer-term repurchase agreements and guaranteed loans for respective amounts of 49.8 MMDH and 32 MMDH. On the interbank market, the average daily volume of exchanges returned to 3 MMDH and the interbank rate stood at 2.25% on average.

During the call for tenders on April 16 (value date April 17), the Bank injected an amount of 49 MMDH in the form of 7-day advances.

On the stock market side, the MASI recorded an increase of 6.8%, after a decline of 9.3% a week earlier, bringing its performance since the beginning of the year to 15.9%. With the exception of "Forestry and paper", which saw a decrease of 0.2%, the other sectors showed performances ranging from 2.4% to 18.4%.