Despite the COVID-19 crisis in health and the economy, the dirham’s value has appreciated
Rabat – The Bank Al-Maghrib (BAM) announced today that the Moroccan dirham has appreciated in value against both the US dollar and the euro. Morocco’s national bank reported that over the period between the 10 and 16 of December the national currency performed well.
The Moroccan dirham has gained 0.30% against the euro, which itself has reached a two-year high against the US dollar. Relative to the dollar, the Moroccan dirham appreciated by 0.86% in the same time period. The dirham has performed well without the need for auctions on the foreign exchange market by BAM.
Moroccan reserves had decreased by 0.1% in the week prior to December 11. The total stock of reserve assets stood at 291.1 billion dirhams, a 4% increase on yearly averages.
Morocco’s national bank injected a total of 104.4 billion dirhams into the economy in the week of December 10 to 16 as part of Morocco’s economic stimulus amid the COVID-19 pandemic. MAD 39.6 billion of this sum came in the form of 7-day advances following a round of tenders.
Trade between banks in Morocco has remained fairly stable, with MAD 5.5 billion in trade, marking a 1.5% increase on the annual average.
Casablanca’s stock exchange performed well in the same period. The Moroccan All Shares Index (MASI) that tracks the stock exchange’s performance, gained 3%, helping reduce its relative underperformance of previous years to 6.2%. The majority of listed companies gained in value, with banks’ values rising 3.8%, agro-food business rising 4.2%, and the construction sector gaining 2.2%.
The four sectors that saw declines in value included the energy sector, the transport sector, portfolio and holding companies, and the forestry and paper-producing sector. These sectors continue to struggle amid the current economic downturn caused by the COVID-19 pandemic.