Moroccan Dirham Strengthens Against Euro, Weakens vs Dollar in Latest Week

The foreign exchange market remained unchanged at the beginning of this week with an outstanding amount of official reserve assets estimated at 321.7 billion dirhams, up 9.9% year-on-year, the central bank said in its latest weekly bulletin.

The overall outstanding amount of Bank Al-Maghrib’s interventions stands at 82.6 billion dirhams, including 32.9 billion dirhams in the form of 7-day advances on call for tenders, 25.1 billion dirhams in the form of repurchase agreements, and 24.6 billion dirhams under the TPME financing support programs.

On the interbank market, the average daily trading volume stood at 3.7 billion dirhams and the interbank rate averaged 1.50% during this period.

At the November 24 call for tenders (value date November 25), the Central Bank injected an amount of 36.7 billion dirhams in the form of 7-day advances.

As for the stock market, the MASI increased by 0.4%, bringing its performance since the beginning of the year to 18.2%. This weekly change is mainly due to the appreciation of the electricity index by 2.8%, the "oil and gas" index by 1.1% and the banking index by 1%.

Regarding the overall trading volume, it went from 707.8 million dirhams the previous week to 328.1 million dirhams. On the central equity market, the average daily volume reached 82 million dirhams after 133.9 million dirhams the previous week.