Moroccan Dirham Strengthens Against Euro, Weakens vs Dollar as Reserves Dip

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

Official reserve assets stood at 398.3 billion dirhams (MMDH) on May 9, down 0.6% week-on-week and up 6.5% year-on-year, according to the same source.

On the interbank market, the average daily trading volume fell to 2.7 MMDH and the interbank rate averaged 2.25%.

During the call for tenders on May 14 (value date May 15), the Central Bank injected 46.5 MMDH in the form of 7-day advances.

On the stock market side, the MASI appreciated by 2.3% from May 8 to 14, bringing its performance since the beginning of the year to 21.9%. This evolution reflects notably increases of 2.2% in the banking index, 5% for building and construction materials, 5.5% for transport services and 11.9% for electricity.