Morocco’s Currency Surges Against Dollar as Foreign Reserves Hit 405 Billion Dirhams

During this period, no auction operation was carried out on the foreign exchange market, the Moroccan central bank specifies in its weekly indicator bulletin.

The official reserve assets (AOR) stood at 405.2 billion dirhams (MMDH) on July 18, up 0.5% from the previous week and 11.9% year-on-year.

In the money market, the volume of BAM’s interventions amounted to an average of 128 MMDH per day. It is divided between 7-day advances (49.5 MMDH), longer-term repurchase agreements (44 MMDH) and guaranteed loans (34.5 MMDH).

In the interbank market, the average daily trading volume stood at 3.5 MMDH and the interbank rate remained at an average of 2.25%.

On the stock market side, the MASI index appreciated by 1.4% during the same period, bringing its performance since the beginning of the year to 29.2%.

This development covers in particular increases of 4.4% for "Mining", 2.2% for "Banks" and "Telecommunications" as well as 1.4% for "Buildings and construction materials". On the other hand, the "Agri-food and production" index fell by 2.8%.