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Rabat – Morocco’s Bank Al-Maghrib (BAM), the central bank, said on Monday, April 22, that its international reserves, which accounted for MAD 225.9 billion ($23.4 million) as of April 12, decreased by 1.8% over the previous year. Its net reserves decreased by 0.3% from the previous week.
Regarding currency interventions, BAM injected MAD 77.7 billion ($8 billion) into the economy between April 11 and 17, MAD 75 billion of which was in the form of advances based on public procurements, BAM said in a press release. The bank also gave MAD 2.7 billion in loans within the framework of financing small and medium-sized companies.
BAM noted the interbank interest rate is 2.27%.
The value of the Moroccan dirham rose by 0.09% against the euro and 0.41% against the US dollar through the April 11-17 week.
During the period, no auction was conducted on the foreign exchange market, said BAM in a note on its weekly indicators.
Regarding the stock market, the bank noted that the MASI index (Moroccan All Shares Index) increased by 0.9%.
The bank added that the weekly evolution of the benchmark index reflects an increase in the sectoral indices of “buildings and construction materials” by 1.9%.
