Moroccan Dirham Weakens Against Euro and Dollar, Central Bank Reports

Decline in performance for the Moroccan currency. According to the Moroccan central bank, it depreciated against the euro and the US dollar.

During the same week, Bank Al-Maghrib indicates that it did not carry out any auction operations on the foreign exchange market.

It added that as of September 6, net international reserves stood at 233.6 billion dirhams (MMDH), up 0.8% from the previous week. These have seen a year-on-year increase of 3.5%.

Regarding interventions in the money market, Bank Al-Maghrib injected, during the same period, a total amount of 85.1 MMDH, including 82.8 MMDH in the form of 7-day advances on call for tenders, and 2.3 MMDH, the amount granted under the program to support the financing of SMEs.

During this period, the interbank rate stood at 2.28% and the trading volume at 4.2 MMDH, the note indicates, stating that, during the call for tenders on September 18 (value date September 19), Bank Al-Maghrib injected an amount of 81.6 MMDH in the form of 7-day advances.

On the stock market, the MASI fell by 0.3%, bringing its performance since the beginning of the year to 1.7%. The weekly change in the benchmark index mainly reflects declines of 1.8% and 0.4% for the "food" and "telecommunications" sector indices, respectively.

On the other hand, the indices of the "banking" and "insurance" sectors reflect increases of 0.3% and 1.2% respectively, continues the same source.

BAM also recalls that the overall trading volume reached 327.7 million dirhams after 352.6 million the previous week. On the central equity market, the average daily trading amount stood at 41 million against 70 million last week.

Note that on Tuesday, September 24, one euro is worth 10.66 while one dollar is exchanged for 9.71 dirhams.