The dirham depreciated by 0.4% against the euro and by 1.1% against the US dollar during the period from August 29 to September 4, 2024, according to Bank Al-Maghrib (BAM).
During this period, no auction operations were conducted in the foreign exchange market, according to BAM’s weekly bulletin. As of August 30, official reserve assets stood at 363.2 billion dirhams, up by 0.4% from the previous week and by 1.3% year-on-year.
BAM’s interventions averaged 148.7 billion dirhams per day, divided into 7-day advances amounting to 65 billion dirhams, long-term repurchase agreements totaling 48.4 billion dirhams, and guaranteed loans of 35.2 billion dirhams.
In the interbank market, the average daily trading volume reached 2 billion dirhams, with an average interbank rate of 2.75%. In the September 4 auction (value date September 5), BAM injected 61.3 billion dirhams in the form of 7-day advances.
During the week from August 29 to September 4, 2024, the MASI index fell by 0.4%, reducing its year-to-date performance to 14.5%. This decline mainly reflects drops in the telecommunications sector (-6.2%), distributors (-2.2%), and banks (-0.3%). On the other hand, indices for the real estate and « transport services » sectors rose by 10% and 1.7% respectively.
The weekly trading volume reached 2 billion dirhams, compared to 721.4 million dirhams the previous week, primarily in the central stock market.
