Rabat – Morocco’s central bank, Bank Al-Maghrib (BAM), reported that the Moroccan Dirham (MAD) appreciated in value by 0.19% against the euro and by 0.39% against the US dollar from January 9-15.
In a note, BAM said that net international reserves stood at MAD 244.4 billion (€22.994 billion), a drop of 0.5% from a week earlier. However, BAM also recorded an annual increase in international reserves of 6.7%. The bank rate during the same period stood at 2.25%.
BAM reported that, as part of its interventions in the money market, it injected a total of MAD 57 billion (€5.36 billion) in the form of seven-day installments based on a request for proposals. Around MAD 2.3 billion (€216.39 million) of the installments were allocated for a support program for small and medium-sized enterprises (SMEs).
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Regarding the activity of the Stock Exchange, the same source indicated that the Moroccan All Shares Index (Masi index) recorded a 1% increase, stabilizing its performance since the beginning of the year at 1.4%.
Bank Al-Maghrib added that the weekly development in the Mazi index mainly reflects the rises recorded in the sectoral indicators of “insurance” by 5.2%, “building and building materials” by 1.3%, and “banks” by 0.5%. The “real estate” and “oil and gas” sectors fell by 1.9% and 0.4%, respectively.
The source pointed out that the total volume of trade exchanges reached MAD 1 billion (€94.08 million) compared to MAD 393.7 million (37.04 million) a week before, noting that in the central market, the average daily volume reached MAD 192.6 million (€18.12 million) compared to MAD 78.5 million (€7.38 million) a week before.
