Depreciation of the dirham against the euro and appreciation against the dollar

The Central Bank of Morocco (BAM) reported a depreciation of the dirham of 0.13% against the euro and an appreciation of 0.47% against the US dollar over the period from October 24 to 30, 2024. During this period , no auction operation was carried out on the foreign exchange market. Furthermore, official reserve assets amounted to 362.4 billion dirhams, recording a weekly decrease of 0.5% but an annual increase of 1.9%.

BAM’s interventions totaled 151.6 billion dirhams on a daily average, including 62.6 billion dirhams in 7-day advances, 51.8 billion dirhams in longer-term repurchase agreements, and 37.3 billion dirhams. in guaranteed loans. On the interbank market, the average daily trading volume remained around 2.1 billion dirhams, with an interbank rate stable at 2.75%.

On the stock market side, the MASI index increased by 0.5% during the same period, bringing its annual performance to 17.3%. This gain is attributable to increases in the transportation services (+5.7%), buildings and construction materials (+1.8%), and banking (+0.4%) sectors, despite declines in the insurance and telecommunications sectors, down 3.4% and 2.2% respectively.

M.Ba.