Business
Currencies: The Dirham Appreciates By 0.6% Against The Dollar
According to BAM, official reserve assets stood at 396.4 billion dirhams as of May 16, marking a 0.5% decline from the previous week but a 6.6% increase year-on-year.
The Moroccan dirham appreciated by 0.6% against the US dollar and depreciated by 0.3% against the euro during the week of May 15-21, according to Bank Al-Maghrib (BAM). During this period, no auction operations were conducted in the foreign exchange market, as stated in BAM’s latest weekly indicators report.
Official reserve assets stood at 396.4 billion dirhams (BHD) as of May 16, marking a 0.5% decline from the previous week but a 6.6% increase year-on-year. During the week, BAM’s intervention volume averaged 125 billion dirhams daily, comprising 46.5 billion dirhams in 7-day advances, 41.3 billion dirhams in longer-term repurchase agreements, and 37.2 billion dirhams in secured loans.
In the interbank market, the average daily trading volume was 2.7 billion dirhams, with the interbank rate averaging 2.25%. During the May 21 tender (with a value date of May 22), BAM injected 42.6 billion dirhams through 7-day advances.
On the stock market front, the Moroccan All Shares Index (MASI) rose by 0.1%, bringing its year-to-date performance to 22%. This gain was driven by increases in sectoral indices: a 15% rise in the Electricity index, 0.9% in Construction and Building Materials, 5.6% in Agribusiness, and 0.1% in Banks. Conversely, the Real Estate Development and Promotion index fell by 4.3%, and the Healthcare index declined by 3.7%.
Weekly trading volume decreased from 2.6 billion dirhams to 1.9 billion dirhams, concentrated primarily on the central equity market.
