Moroccan Dirham Strengthens Against Euro and Dollar, Reserves Rise

In its latest weekly indicators bulletin, Bank Al Maghrib (BAM) indicates that no auction operation was carried out on the foreign exchange market during the period from April 30 to May 6. The same source reports that net international reserves stood at 280.4 billion dirhams (MMDH), up 0.1% from the previous week and 20.7% year-on-year.

Bank Al-Maghrib (BAM)’s interventions amounted to 96.3 MMDH, including 29.5 MMDH in the form of 7-day advances on call for tenders, 49.9 MMDH in the form of repurchase agreements, 14 MMDH as part of the TPME financing support program, while for foreign exchange swap operations, BAM intervened for an amount of 2.8 MMDH.

As for the interbank rate, it stood at an average of 2% and the daily trading volume at 3.5 MMDH for the period from April 30 to May 6, the bulletin indicates. BAM injected 24.3 MMDH in the form of 7-day advances during the call for tenders on May 6. The 3.4% appreciation of the MASI has reduced its underperformance since the beginning of the year to 21% on the stock market, the bulletin specifies. This weekly development reflects a quasi-generalized increase in all sectoral indices.

It should be noted that the overall trading volume stood at 712.7 MDH, compared to 721.5 million the previous week. Meanwhile, the average daily volume stood at 177.4 MDH on the central equity market, the same source reports.