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Rabat – The Moroccan dirham appreciated by 0.18% against the euro and remained virtually stable against the US dollar during the week of April 24 to 30, according to Bank Al-Maghrib (BAM).
During this period, no operations were conducted on the foreign exchange market, BAM noted in its latest weekly indicators report.
Official reserve assets amounted to 387 billion dirhams (MAD) ($38.4 billion) as of April 25, reflecting a 0.3% increase compared to the previous week and a 7.8% year-on-year rise.
As for BAM’s interventions, the daily average volume stood at 130.9 billion MAD ($13.1 billion) between April 24 and 30. This volume was distributed across 7-day advances (52.4 billion MAD / $5.3 billion), long-term repurchase agreements reached MAD 41.3 billion ($4.2 billion), and guaranteed loans 37.2 billion MAD ($3.8 billion).
On the interbank market, the average daily volume of transactions reached MAD 4.1 billion ($419 million), with the interbank rate averaging 2.25%.
On April 30 (with a settlement date of May 2), BAM injected MAD 49.1 billion ($5 billion) into the market through 7-day advances.
In the stock market, the MASI index rose by 1%, bringing its year-to-date performance to 17.7%. This increase was driven by a 1.7% rise in the banking index, a 1.8% gain in the building and construction materials index, and a 6.7% jump in the electricity sector.
However, the “Real Estate Participation and Promotion” and “Telecommunications” indices saw declines of 3.2% and 1.8%, respectively.
Regarding weekly trading volume, it stood at 3 billion MAD ($306 million), up from MAD 2.8 billion ($285 million) the previous week, primarily driven by transactions on the central stock market.
