Bank Al-Maghrib: Moroccan Dirham Appreciated Against Euro, Dollar

Bank Al-Maghrib, Moroccan Dirham Appreciated Against Euro, Dollar

Rabat – Bank Al-Maghrib reported that the Moroccan dirham appreciated by 0.12% against the euro and 0.13% against the dollar from September 24-30.

In its weekly notice, Morocco’s central bank said that no auction operations were carried out on the foreign exchange market.

As of September 25, Morocco’s official reserve assets stood at MAD 295.8 billion ($31.99 billion). The number represents a decline of 1.1% over a seven-day period.

Year-on-year, Morocco’s reserve assets are up 23%.

From September 24-30, the central bank injected a total of MAD 102.3 billion ($11.06 billion).

In terms of the interbank market, the average daily volume of trade stood at MAD 6.1 billion ($659.7 million).

The interbank rate during the same period was 1.5% on average.

On the stock market, MASO decreased by 1.1%, bringing its “underperformance to 18.9% since the start of the year,”’ Bank Al Maghrib reported.

The trend is due to the drop in sector indices for building and construction materials by 2.7%, banks by 1%, and telecommunications by 1.2%.

Indices relating to agri-food and oil and gas, however, witnessed increases of 0.5% each.

Bank Al-Maghrib also said that the overall volume of trade amounted to MAD 1.1 billion ($119 million) against MAD 232.7 million ($25.16 million) a week earlier.

The average daily volume of the central equity market amounted to MAD 42.1 million ($4.55 million), increasing from the previous week’s volume of MAD 39.4 million ($4.26).