Dirham Stability and Financial Markets in Morocco
Bank Al-Maghrib announced that the exchange rate of the dirham remained almost stable against the euro and the dollar during the period from January 23 to 29. No auction operations were carried out in the foreign exchange market during this period.
As of January 24, official reserves stood at approximately 369.4 billion dirhams, reflecting an increase of 0.3% compared to the previous week and 4.2% year-on-year.
Regarding liquidity, Bank Al-Maghrib injected a daily average of 136.9 billion dirhams, distributed as follows:
- 7-day advances (55.1 billion dirhams),
- Long-term repurchase agreements (51.3 billion dirhams),
- Guaranteed loans (30.5 billion dirhams).
The average daily interbank market volume reached 3.4 billion dirhams, with an interbank rate of around 2.5%. In the auction of January 29, the central bank injected 59.7 billion dirhams in the form of 7-day advances, with maturity on January 30.
The MASI index rose by 2.1% during the week, bringing its year-to-date performance to 9%. This increase is mainly driven by the improvement in the banking (+1.9%) and telecommunications (+8.8%) sectors. However, the weekly trading volume declined from 2.9 billion to 1.8 billion dirhams, with most transactions concentrated in the central equity market.
