Moroccan Dirham Strengthens Against Euro and Dollar in Early September

The month of September has started well for the dirham. The Moroccan currency gained 0.24% against the euro and 0.16% against the dollar during the period from September 5 to 11. The foreign exchange market did not record any auction operation during this period, according to the Bank Al-Maghrib (BAM) note.

As for the net international reserves, they stood at 233.6 billion dirhams as of September 6, up 0.8% from the previous week and 3.5% year-on-year.

Regarding interventions in the money market, Bank Al-Maghrib injected an amount of 87.5 billion dirhams in the form of 7-day advances on call for tenders. An amount of 2.3 billion dirhams was also granted under the SME financing support program, bringing the total amount of interventions to 89.8 billion dirhams.

The interbank rate stood at 2.26% and the trading volume at 4.6 billion dirhams, the note specifies. The MASI is down slightly by 0.7% this week, bringing its performance since the beginning of the year to 1.9%.

Moreover, the weekly change in the benchmark index shows declines of 2.2% for the "telecommunications" sector index, 1.8% for the "real estate" index and 1.2% for the "banks" index, while the "agri-food" sector index appreciated by 1.7%, details BAM.