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Rabat – Bank Al-Maghrib (BAM) announced in its latest weekly bulletin that the value of the Moroccan Dirham remained nearly stable compared to the Euro and US dollar from January 23 to 29.
The Moroccan central bank also reported that no foreign exchange auction operations were conducted during this period.
Morocco’s official reserve assets reached to MAD 369.4 billion ($37 billion) by January 24, posting a 0.3% increase from the last week and a steady 4.2% growth compared to the same period the previous year.
Within the same period, the BAM maintained active interventions, with an average daily volume reaching MAD 136.9 billion ($ 13.7 billion). The breakdown includes MAD 55.1 billion (USD 5.5 billion) allocated to seven-day advances, MAD 51.3 billion (USD 5.1 billion) in long term repurchase agreements, and MAD 30.5 billion (USD 3 billion) in guaranteed loans, reflecting a balanced approach to liquidity management.
The interbank market recorded an average daily exchange volume of MAD 3.4 billion (USD 340 million) during the week, with the interbank rate averaging 2.5%.
On January 29, the central bank carried out an auction, injecting MAD 59.7 billion (USD 5.9 billion) in seven-day advances, aimed at maintaining liquidity stability with a settlement date of January 30.
In the stock market, the MASI index saw a 2.1% increase during the past week, elevating its year-to-date performance to 9%. This weekly increase was mainly driven by a 1.9% rise in the banking sector index and an 8.8% gain in telecommunications.
The weekly trading volume decreased from MAD 2.9 billion (USD 290 million) to MAD 1.8 billion (USD 180 million), with the majority of trades taking place in the central equity market.
In 2024, capital surged in Morocco totaling MAD 106.7 billion (USD 10.7 billion), marking an increase from MAD 87.3 billion (USD 8.7 billion) in 2023, according to the AMMC.
The funds were allocated across various instruments, including MAD 77.54 billion (USD 7.7 billion) in negotiable debt securities (TCNs), MAD 23.68 billion (USD 2.4 billion) in bond issuances, and MAD 5.46 billion (USD 540 million) in equity issuances.
In December 2024 alone, capital raises amounted to MAD 16.9 billion (USD 1.7 billion), with MAD 5.7 billion (USD 570 million) in TCN issuances and MAD 11.2 billion (USD 1.1 billion) in bond issuances. The outstanding balance of securities lending and borrowing operations reached MAD 36.3 billion (USD 3.6 billion).
