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Mohammedia – Morocco’s financial landscape moved in two opposing rhythms during the week of November 6 through 12 with the currency strengthening, the stock market softening, and the central bank quietly steering liquidity beneath the surface.
It’s the kind of week where the indicators don’t shout, but they hum — revealing the subtle recalibrations happening inside the kingdom’s monetary machinery.
Bank Al-Maghrib reported that the Dirham inched 0.2% higher against the US dollar while slipping 0.5% against the euro, a modest yet telling shift in a period marked by stable market conditions. No foreign-exchange auctions were conducted, reinforcing the sense of calm control in the currency corridor.
Behind the scenes, Morocco’s cushion of official reserves continued to thicken. As of November 7, reserves stood at MAD 431.9 billion, up slightly from the previous week and nearly 20% higher than a year earlier.
It’s a trajectory that reflects both external inflows and disciplined reserve management, subtly fortifying the country’s financial shield.
On the domestic liquidity front, the central bank injected an average of MAD 136.1 billion daily into the system. These operations — split across seven-day advances, longer-term repos, and guaranteed loans — kept the interbank market running smoothly.
The interbank rate remained anchored at 2.25%, while daily trading hovered around MAD 4.2 billion. During the November 12 tender, the bank supplied MAD 68.7 billion in fresh short-term advances.
But while currency and liquidity indicators moved upward, the equity market took a cooler turn. The MASI index fell 3.8% over the week, dialing back some of its strong year-to-date momentum, still a robust 26.4% gain since January.
The dip was broad-based, weighing on banks, telecoms, construction materials, transport services, and healthcare stocks. Weekly trading volumes echoed the pullback, easing from 1.9 billion to MAD 1.3 billion.
Together, these shifts sketch a market that remains fundamentally resilient even as investors momentarily step back and the central bank continues its steady, deliberate choreography behind the curtain.
