Moroccan Dirham Strengthens Against Euro and Dollar, Central Bank Reports

In its latest weekly indicators bulletin of April 17, Bank Al-Maghrib (BAM) indicated that net international reserves remained at the same level as the previous week. That is, 286.3 billion dirhams (MMDH) for a 27% year-on-year increase. The financial institution specified that no foreign exchange auction operation was carried out during this period.

The bulletin reports that during the same period, Bank Al-Maghrib (BAM) injected 87 MMDH, including 20 MMDH in the form of 7-day advances on call for tenders, 58.6 MMDH in the form of repurchase agreements, 2 MMDH under the TPME financing support program and 6.1 MMDH for foreign exchange swap operations. The central bank also injected a total amount of 39 MMDH in the form of 7-day advances during the call for tenders on April 22. The daily trading volume stands at 4.4 MMDH and the interbank rate was on average 2.02% for the same week.

On the stock market, the bulletin notes a weekly change in the benchmark index reflecting the decline in the sectoral indices of banks by 4.1%, building and construction materials by 1.7% and telecommunications by 0.8%. While the insurance and agri-food sectors show an increase in indices, 1.6% for insurance and 0.4% for agri-food. The average daily volume reached 86.8 MDH on the central equity market and the total trading volume stands at 672.4 million dirhams (MDH) against 413.3 MDH a week earlier.