Moroccan Dirham Weakens Against Dollar and Euro as Foreign Reserves Rise

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates in its weekly bulletin.

As of February 23, the official reserve assets stood at 358.2 billion dirhams (MMDH), up 0.1% from the previous week and 7.6% year-on-year.

As for BAM’s interventions, they averaged 125.3 MMDH per day, including 44.3 MMDH in the form of 7-day advances, 52.9 MMDH in long-term repurchase agreements and 28.1 MMDH in guaranteed loans.

On the interbank market, the average daily trading volume stood at 1.6 MMDH and the interbank rate averaged 3%.

On the stock market, the MASI appreciated by 1.3%, bringing its performance since the beginning of the year to 8.6%.

Conversely, those related to the "oil and gas" and "computer hardware, software and services" sectors depreciated by 0.9% and 0.1% respectively.

As for the weekly trading volume, it fell from 1.1 MMDH to 942.4 million dirhams (MDH) week-on-week, mainly carried out on the central equity market.