Moroccan Dirham Weakens Slightly Against Dollar,Central Bank Reports
Rabat,Morocco – The Moroccan dirham experienced a slight depreciation against the US dollar during the week of August 28 to September 3,falling 0.3%, according to Bank Al-Maghrib (BAM), Morocco’s central bank. The dirham also weakened 0.7% against the Euro over the same period.
BAM’s weekly indicators bulletin revealed no adjudication operations took place on the foreign exchange market during the week. Morocco’s official reserve assets stood at 410.7 billion dirhams (MMDH) as of August 29, representing a 0.3% increase week-over-week adn a 13.1% rise year-on-year.
The central bank’s interventions totaled an average of 136 MMDH daily, allocated between seven-day advances (59.1 MMDH), longer-term pensions (40.9 MMDH),and guaranteed loans (36.1 MMDH).Interbank market activity saw an average daily volume of 3.8 MMDH, wiht an average interbank rate of 2.25%. on September 3, BAM injected 56.2 MMDH into the system via seven-day advances.
Turning to the stock market,the MASI index decreased by 0.4% during the week, bringing its year-to-date performance to 36.4%. Sector performance varied, with “buildings and building materials” (-3.1%) and “banks” (-1.3%) declining, while “participation and real estate promotion” (+4.7%), “telecommunications” (+2.1%), and “Transportation” (+1.5%) sectors saw gains.Weekly trading volume increased from 2.1 MMDH to 3 MMDH, primarily on the Central Actions market.
