The Moroccan dirham appreciated by 0.8% against the euro and 0.3% versus the U.S. dollar between May 7 and May 13, Bank Al-Maghrib said in its latest weekly indicators report.
The central bank said no foreign exchange auction operations were conducted during the period. Official reserve assets stood at 468.6 billion dirhams as of May 8, down 0.2% week on week and 17.7% compared with the same period a year earlier.
Bank Al Maghrib’s average daily interventions totaled 155.5 billion dirhams during the week, including 55.4 billion dirhams in seven day advances, 50.3 billion dirhams in longer term repurchase agreements and 49.7 billion dirhams in secured loans. Foreign exchange swap operations accounted for 120 million dirhams.
On the interbank market, average daily trading volumes reached 1.8 billion dirhams, while the interbank rate remained at 2.25%. During the May 13 liquidity operation, with value dated May 14, the central bank injected 62 billion dirhams through seven day advances.
On the MASI, Morocco’s benchmark stock index fell 0.2% over the same period. Banking stocks declined 1.8%, construction and building materials dropped 1.9%, transport services fell 3.1% and healthcare lost 5.3%. Mining stocks, however, surged 15.2%.
Weekly trading volumes on the Casablanca Stock Exchange rose from 934 million dirhams to 1.4 billion dirhams, mainly driven by transactions on the central equities market.
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