Moroccan Dirham Surges Against Euro and Dollar, Reserves Hit 364 Billion

During this period, no foreign exchange auction operation was carried out, BAM said in its weekly bulletin.

As of March 29, 2024, official reserve assets stood at 364 billion dirhams (MMDH), up 0.8% both weekly and annually, the same source said.

During the week of March 28 to April 3, 2024, BAM’s interventions averaged 133.2 MMDH per day. They are divided between 7-day advances for an amount of 52.2 MMDH as well as long-term repurchase agreements and guaranteed loans for outstanding amounts of 50.6 MMDH and 30.4 MMDH respectively.

On the interbank market, the average daily trading volume was 2.4 MMDH and the interbank rate averaged 3%. At the call for tenders on April 3 (value date April 4), the Bank injected an amount of 49.7 MMDH in the form of 7-day advances.

On the stock market, the MASI gained 0.9%, bringing its performance since the beginning of the year to 8.3%.

As for the weekly trading volume, it reached 1.3 MMDH against 734.8 million dirhams the previous week, mainly carried out on the central equity market.