Moroccan Dirham Weakens Against Euro, Strengthens vs Dollar in Late December

Thus, during this period, no auction operation was carried out on the foreign exchange market, according to a note on the weekly indicators, published by Bank Al-Maghrib (BAM). As of December 27, net international reserves recorded a 0.3% increase from the previous week and a 6.1% year-on-year increase to reach 244.3 billion dirhams.

Regarding banking interventions, the central bank injected some 65 billion dirhams in the form of 7-day advances on a call for tenders. Taking into account the 2.3 billion dirhams granted under the support program for the financing of very small and medium-sized enterprises (TMPE) and the 4.2 billion dirhams paid in the form of foreign exchange swaps, the total volume of interventions amounted to 71.5 billion dirhams.

During this period, the interbank rate averaged 2.26% and the daily trading volume reached 5 billion dirhams, BAM said, specifying that in the call for tenders on January 2 (value date January 2), it injected an amount of 62 billion dirhams in the form of 7-day advances.

As for the stock market, the MASI index fell by 0.8%, bringing its performance for the whole of 2019 to 7.1%. The weekly change in the benchmark index is mainly due to the depreciation of the sectoral indices of "oil and gas" by 7.8% and "telecommunications" by 1.5%. However, those of the "buildings and construction materials" and "banking" sectors rose by 1.2% and 1% respectively.