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 the Moroccan central bank in its recent weekly indicators bulletin.

Official reserve assets stood at 396.4 billion dirhams (MMDH) on May 16, down 0.5% week-on-week and up 6.6% year-on-year, according to the same source.

On the interbank market, the average daily trading volume stood at 2.7 MMDH and the interbank rate averaged 2.25%.

On the stock market side, the MASI appreciated by 0.1%, bringing its performance since the beginning of the year to 22%.

This evolution reflects notably increases of 15% in the "Electricity" index, 0.9% for "Building and Construction Materials", 5.6% for "Agricultural Industry" and 0.1% for "Banks".

On the other hand, the "Real Estate Participation and Promotion" and "Health" indices fell by 4.3% and 3.7% respectively.

As for the weekly trading volume, it decreased from 2.6 MMDH to 1.9 MMDH week-on-week, mainly realized on the central stock market.