Moroccan Dirham Strengthens Against Euro as Foreign Reserves Rise

As of July 19, 2024, official reserve assets stood at 362.2 billion dirhams (MMDH), up 0.2% from the previous week and 5.2% year-on-year, the central bank said.

Bank Al-Maghrib’s interventions averaged 143 MMDH per day during the July 18-24 period. They are divided between 7-day advances for 58.6 MMDH, as well as longer-term repurchase agreements and guaranteed loans for 53.1 MMDH and 31.3 MMDH respectively.

In the interbank market, the average daily trading volume fell to 1.6 MMDH and the interbank rate averaged 2.75%.

At the July 24 tender (value date July 25), the Bank injected 59.9 MMDH in the form of 7-day advances.

On the stock market side, the MASI gained 0.4% from July 18 to 24, bringing its year-to-date performance to 12.8%. This weekly change reflects increases in the mining, transportation services and building and construction materials sectors of 5.4%, 3.3% and 2.2% respectively.

However, the telecommunications and banking indices fell by 2.2% and 0.9% respectively.

As for the weekly trading volume, it fell from 2.2 MMDH to 1.2 MMDH week-on-week.