Morocco’s Foreign Exchange Reserves Rise to $25.6 Billion, Dirham Weakens Against Euro and Dollar

This development is mainly due to an exchange rate effect, the bank said, noting that on an annual basis, net international reserves have recorded an increase of 9.4%. But what about the local currency, the dirham? "It depreciated by 4.56% against the euro and 3.40% against the dollar, in the period from March 26 to April 1." According to Bank Al-Maghrib, during this period, "no auction operation was carried out on the foreign exchange market."

During the same week, the central bank explains that it injected an amount of 33.7 billion DH in the form of 7-day advances on call for tenders. A period during which, "the interbank rate averaged 2% and the daily trading volume was 4.1 billion DH," the central bank said.

As for the stock market, the main stock market index in Casablanca, the MASI (Moroccan All Shares Index), depreciated by 2.7%. The overall trading volume stood at 788.2 million dirhams, compared to 983.9 million DH the previous week, the same source said.