Morocco’s Foreign Exchange Reserves Rise 6.3% Year-on-Year, Reach 329.1 Billion Dirhams

This performance is attributable to an exchange rate dynamic, BAM specifies, indicating that on an annual basis, the official reserve assets have recorded an increase of 6.3%. During the same period, the Moroccan dirham remained almost stable against the euro and depreciated by 0.50% against the US dollar. "No auction operation was carried out on the foreign exchange market," the bank notes.

As for the overall outstanding amount of the central bank’s interventions, it stands at 74.3 billion dirhams, of which 34.1 billion dirhams are allocated to 7-day advances on call for tenders, 22.7 billion dirhams to repurchase operations and the rest to support programs for the financing of Very Small Enterprises and Medium Enterprises. The average daily volume of interbank transactions was 4.2 billion with an average rate of 1.50% over the same period.

Regarding the stock market, the MASI is down 0.1% and its performance since the beginning of the year stands at 2.7%. This weekly development is mainly due to a decline in the "telecommunications" sector of 1.3%, the "transport services" sector of 1.6% and the "distributors" sector of 2.1%. However, the revenues of the "oil and gas" and "building and construction materials" sectors increased by 2.9% and 1% respectively.

As for the total trading volume, it reached 1.3 billion dirhams, after 1.2 billion dirhams a week earlier. On the central exchange, the average daily trading volume reached 229.5 million dirhams, compared to 188.5 million dirhams.