Moroccan Dirham Strengthens Against Euro and Dollar as Foreign Reserves Rise

During this period, no auction operations were carried out on the foreign exchange market, indicates BAM in its recent weekly indicators bulletin.

Official reserve assets stood at 401.9 billion dirhams (MMDH), up 0.3% week-on-week and 8.4% year-on-year, specifies the Moroccan central bank.

Regarding the volume of BAM interventions, it stood at 125.7 MMDH on average daily. It is divided between 7-day advances for an amount of 47.3 MMDH, longer-term repurchase agreements (44.6 MMDH) and guaranteed loans (33.9 MMDH).

On the interbank market, the average daily volume of exchanges stood at 2.4 MMDH and the interbank rate averaged 2.25%.

On the stock market side, the MASI appreciated by 3.6% from May 29 to June 4, bringing its performance since the beginning of the year to 26.2%.