Moroccan Dirham Surges Against Euro as Foreign Reserves Hit Record High

During this period, no auction operations were carried out on the foreign exchange market, the Moroccan central bank said in its latest weekly indicator bulletin.

The official reserve assets stood at 421.4 billion dirhams (MMDH) as of October 3, up 1% from the previous week and 14.8% year-on-year, the same source noted.

As for the central bank’s interventions, their volume amounted to an average of 143.5 MMDH per day, divided between 7-day advances for 66.6 MMDH, longer-term repurchase agreements (43.5 MMDH) and guaranteed loans (33.4 MMDH).

On the interbank market, the average daily trading volume stood at 5.1 MMDH, while the interbank rate was set at 2.25%.

On the stock market side, the MASI gained 2.7% over the same period, bringing its performance since the beginning of the year to 27.7%.

As for the weekly trading volume, it stood at 2.7 MMDH, compared to 3.2 MMDH the previous week, mainly carried out on the central market (Stocks).