Moroccan Dirham Shows Mixed Performance Against Major Currencies

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Moroccan Dirham

In the latest update from Morocco’s central bank, Bank Al-Maghrib (BAM), released on November 24, it was revealed that the Moroccan dirham experienced a 0.16% appreciation against the US dollar while witnessing a 0.26% decline against the euro during the period spanning November 16 to 22.

According to BAM’s weekly bulletin, no foreign exchange market auctions were conducted during this timeframe.

Official reserve assets, as of November 17, were valued at over MAD 354 billion ($35 billion), indicating a week-on-week increase of 0.1% and a substantial 3.7% rise every year.

Bank Al-Maghrib’s daily average intervention amounted to MAD 109.5 billion ($10.8 billion), encompassing loans guaranteed for outstanding sums totaling nearly MAD 28 billion ($2.7 billion), long-term repurchase agreements for MAD 42 billion ($4.1 billion), and seven-day advances valued at MAD 40 billion ($4 billion).

In the interbank market, the average daily trading volume reached MAD 2 billion ($198 million), with an average interbank rate standing at 3%.

During the November 22 tender, the central bank injected over MAD 44 billion ($4.4 billion) through seven-day advances.

In the financial markets, the Moroccan stock index displayed a 0.9% increase, contributing to its overall yearly performance of 11.9%. Concurrently, the oil and gas index rose by 1.7%, the banking index by 1.1%, and the building and construction materials index by 1%.

Weekly trade volume totaled MAD 2.5 billion ($248 million), marking a decline from the previous week’s figure of MAD 477.3 million ($47.3 million).

Soukaina Sghir

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