The Moroccan dirham (MAD) appreciated by 1.4% against the U.S. dollar and remained virtually stable against the euro between June 26 and July 2, according to Morocco’s central bank, Bank Al-Maghrib (BAM).
No foreign exchange auction operations were carried out during this period, the central bank said in its latest weekly indicators bulletin.
As of June 26, official reserve assets stood at MAD 401.7 billion ($40.6 billion), marking a 0.3% increase from the previous week and a year-on-year rise of 9.7%.
BAM’s average daily interventions on the money market totaled MAD 132.2 billion. This amount includes MAD 53.2 billion in seven-day advances, 44 billion in longer-term repurchase agreements, 34.5 billion in guaranteed loans, and 500 million in overnight advances.
On the interbank market, the average daily trading volume reached MAD 9.4 billion, with the average interbank rate steady at 2.25%.
At the July 2 tender, with a value date of July 3, BAM injected MAD 53.4 billion in seven-day advances.
On the equity market, the Casablanca Stock Exchange’s benchmark MASI index rose 0.6%, bringing its year-to-date performance to 25.3%.
The gain was driven by sectoral advances including a 1.7% rise in the “Construction and Building Materials” index, a 4.4% increase in “Retail,” a 1.7% uptick in “Agri-Food,” and a 1.1% gain in “Telecommunications.”
Weekly trading volumes climbed from MAD 2.1 billion to MAD 3.5 billion, with MAD 2 billion traded on the central equity market and 1.4 billion on block trades.
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