Moroccan Dirham Weakens Against Euro, Gains on Dollar as Reserves Dip

During this period, no auction operation was carried out on the foreign exchange market, BAM said in its latest weekly bulletin. As of November 10, 2023, official reserve assets stood at 354.3 billion dirhams (MMDH), down 0.5% from the previous week and up 3.8% year-on-year.

On the interbank market, the average daily trading volume stood at 2.5 billion and the interbank rate averaged 3%.

At the November 15 call for tenders (value date November 16), the Bank injected an amount of 40 MMDH in the form of 7-day advances.

On the stock market side, the MASI depreciated by 0.5%, bringing its performance since the beginning of the year to 11%. This weekly change mainly reflects the declines in the mining index of 6.7% and the building and construction materials index of 1.8%. As for the overall trading volume, it amounted to 477.3 million dirhams (MDH), compared to 219.6 MDH the previous week.