Moroccan Dirham Weakens Against Euro, Stable vs Dollar: Central Bank Report

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

As of February 16, 2024, official reserve assets stood at 357.6 billion dirhams (MMDH), up 0.8% from the previous week and up 7.4% year-on-year, the same source said.

As for BAM’s interventions, they averaged 122.1 MMDH per day, including 46.2 MMDH in the form of 7-day advances, 48.2 MMDH in long-term repurchase agreements and 27.8 MMDH in guaranteed loans.

On the interbank market, the average daily trading volume stood at 1.9 MMDH and the interbank rate averaged 3%.

At the February 21 call for tenders (value date February 22), the Bank injected an amount of 44.3 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 1.6%, bringing its performance since the beginning of the year to 7.2%. This weekly change mainly reflects the increases in the insurance index of 3.6%, the agri-food index of 3.4% and the banking index of 0.9%.

As for the weekly trading volume, it fell from 1.2 MMDH to 1.1 MMDH from one week to the next, mainly on the central equity market.