Moroccan Dirham Strengthens Against Euro and Dollar, Reserves Rise

In detail, the Moroccan dirham appreciated by 2.1% against the euro, and by 0.6% against the US dollar, according to BAM data.

During this period, no auction operation was carried out on the foreign exchange market, BAM said in its weekly bulletin. As of July 21, official reserve assets stood at 344.3 billion dirhams (MMDH), up 0.2% from the previous week and 5.5% year-on-year, the same source said.

At the call for tenders on July 26 (value date July 27), the central bank injected an amount of 38.8 MMDH in the form of 7-day advances. On the stock market, the MASI rose by 1.3%, bringing its performance since the beginning of the year to 10.4%. This weekly change mainly reflects the increases in the indices of the mining sector by 4%, the "oil and gas" sector by 2.1% and the banking sector by 0.8%.

As of July 28, 2023, the US dollar was trading at 9.753 dirhams, while the euro was worth 10.733 dirhams.