Morocco rises against dollar, drops against euro

The dirham appreciating by 0.48% against the US dollar but faced a 1.56% depreciation against the euro, as reported by Bank Al-Maghrib (BAM).

Notably, no auction operations took place on the foreign exchange market during this period.

In terms of official reserve assets, Morocco’s holdings rose to 343.5 billion dirhams, indicating a positive 0.5% week-on-week growth and a notable 3.7% year-on-year increase.

Bank Al-Maghrib’s interventions resulted in an overall outstanding balance of 104.8 billion dirhams, distributed across 7-day advances, long-term repos, and long-term guaranteed loans. The interbank market remained active, with an average daily trade volume of 3.3 billion dirhams and an interbank rate averaging 3%.

On the stock market, the MASI recorded a 1.3% appreciation, bringing the year-to-date performance to a solid 9%. Positive gains were seen in the electricity, distributors, and banking sectors, while the forestry and paper, as well as buildings and construction materials sectors, experienced declines.