Rabat –The Moroccan dirham appreciated by 1.1% against the U.S. dollar and depreciated by 0.8% against the euro between February 27 and March 5, according to Bank Al-Maghrib (BAM).
During this period, no foreign exchange operations were conducted, as noted in BAM’s weekly bulletin.
Official reserve assets stood at MAD 367.9 billion ($37.7 billion) as of February 28, remaining nearly unchanged from the previous week and increasing by 2.3% year-on-year.
Between February 27 and March 5, 2025, BAM’s average daily intervention volume reached MAD 146.9 billion (USD 14.9 billion), with the distribution including MAD 65.2 billion (USD 6.7 billion) in 7-day advances, MAD 47 billion (USD 4.8 billion) in long-term repurchase agreements, and MAD 34.7 billion (USD 3.5 billion) in guaranteed loans.
On the interbank market, the average daily trading volume rose to MAD 3.8 billion ($386 million), with the interbank rate averaging 2.5%. During the March 5 auction (value date March 6), BAM injected MAD 66.1 billion ($6.7 billion) in 7-day advances.
In the stock market, the MASI index fell by 2.7% during the period from February 27 to March 5, 2025, bringing its year-to-date performance to 12.5%.
This decline was primarily due to a 2.9% drop in the banking index, an 8% decrease in the real estate and property development index, a 4% decline in telecommunications, and a 3.2% fall in transportation services.
Regarding valuation, the Price-to-Earnings Ratio (PER) dropped from 24.9 to 24 week-on-week. The weekly trading volume reached MAD 1.4 billion ($141 million), down from MAD 3 billion ($304 million) the previous week, primarily conducted on the central equities market.
