Moroccan Dirham Surges Against Euro as Foreign Reserves Hit 405 Billion

During the same period, no auction operation was carried out on the foreign exchange market, the central bank said in its recent weekly indicator bulletin, specifying that the official reserve assets stood at 405.1 billion dirhams (MMDH) on July 4, up 0.8% from the previous week and 11.7% year-on-year.

Regarding the volume of BAM’s interventions, it stood at an average of 131.9 MMDH per day during the period from July 3 to 9. It is divided between 7-day advances for an amount of 53.4 MMDH, longer-term repurchase agreements (44 MMDH) and guaranteed loans (34.5 MMDH).

As for the MASI, it appreciated by 1.7% from July 3 to 9, bringing its performance since the beginning of the year to 27.4%. This development reflects, in particular, increases of 1.7% in the banking index, 4.4% in the telecommunications index, 3.7% in the transport services index, and 4.8% in the agri-food and production index.