Moroccan Dirham Appreciates Against US Dollar

Rabat – The Moroccan Dirham (MAD) appreciated against the US Dollar by 0.14% between January 5 and 9, 2022, according to data from Morocco’s central bank, Bank Al-Maghrib (BAM).

MAD also depreciated against the Euro between December 30, 2021, and January 5, 2022, according to the same source.

BAM’s reserve of foreign exchange currency was set at MAD 331.2 billion  ($35.8 billion) as of December 31, 202, marking a week-to-week increase of 0.3%, and a year-to-year decline of 3.3%.

Regarding other financial indexes, Casablanca Stock Exchange’s primary index, Masi, dropped by 0.7% in the same period, offset by the 4.6% decrease in the petroleum and gas sector and a 1.2% decrease in the construction material sector. 

Moroccan banks’ stocks also closed in red in the same period, losing 0.6% of their value. 

However, the 1.3% increase in stock value for distributors and 0.7% transit companies mitigated the loss for the stock index.

The Casablanca Stock Exchange, North Africa’s largest stock exchange, adopted a next-generation index, MSI20, on January 1.

Replacing the Madex index, the MSI20 tracks the top 20 companies listed on the stock exchange with the highest liquidity assets. 

The move came after Morocco’s Index Scientific Committee conducted intense market research and concluded that over 85% of traders use the MSI20 as a benchmark index to keep track of the stock market performance.

In addition to issuing the MSI20, the Casablanca Stock Exchange is undergoing a series of reforms to modernize the index and adapt it to current market needs.

By modernizing its stock exchange, Morocco aims to adapt it to the growing demand for Islamic Finance. 

Read Also: Casablanca Stock Exchange Drops Madex