Moroccan Dirham Weakens Against Euro and Dollar, Central Bank Reports

An unfruitful week for the Moroccan currency. According to the Moroccan central bank, it depreciated against the euro and the US dollar.

During the same week, the Moroccan central bank indicates that it did not carry out any allocation operation on the foreign exchange market. It added that as of August 30, net international reserves stood at 231.8 billion dirhams (MMDH), almost stagnant from one week to the next. These have seen a year-on-year increase of 2.7%.

Regarding interventions in the money market, Bank Al-Maghrib injected an amount of 97.1 MMDH, including 94.8 MMDH in the form of 7-day advances on call for tenders and 2.3 MMDH granted under the program to support the financing of SMEs.

During this period, the interbank rate stood at 2.27% and the trading volume at 3.2 MMDH, the note states, indicating that, in the form of 7-day advances, the central bank injected an amount of 87.5 MMDH.

As for the stock market, the MASI fell by 0.8%, bringing its performance since the beginning of the year to 2.7%. On the other hand, the weekly change in the benchmark index reflects increases of 1.1% for the "Real Estate" sector index and 0.9% for those of "Oil and Gas" while those of "Building and construction materials" and "Telecommunications" fell by 2.1% and 0.3% respectively.

BAM also recalls that the overall trading volume reached 569.8 MDH after 500.1 MDH the previous week. On the central equity market, the average daily trading amount stood at 64.6 MDH against 85.7 MDH the previous week.