Economic and Financial Developments in Morocco: Dirham Performance, Reserves, and Stock Market
Between January 16 and January 22, 2025, the dirham appreciated by 0.6% against the US dollar while experiencing a slight depreciation of 0.5% against the euro, according to the latest bulletin from Bank Al-Maghrib (BAM). No auction operations were conducted in the foreign exchange market during this period.
As of January 17, 2025, Morocco’s official reserve assets stood at 368.4 billion dirhams (MMDH), marking an increase of 0.1% compared to the previous week and a year-on-year growth of 4%.
In terms of interventions, BAM carried out operations resulting in an average daily volume of 141.2 MMDH. This included short-term advances of 7 days (57.4 MMDH), longer-term repurchase agreements (49.6 MMDH), and secured loans (34.1 MMDH). On the interbank market, the average trading volume was 2.4 MMDH, with the interbank rate remaining stable at 2.50%.
During the auction held on January 22, the bank injected 55.1 MMDH in the form of 7-day advances.
Regarding the stock market, the MASI index declined by 1.9% during the week, bringing its year-to-date performance to +6.8%. This weekly decrease was notably influenced by declines in several sectors, including agribusiness (-4%), construction and building materials (-2.6%), and banking (-1.8%).
The weekly trading volume on the stock exchange also increased, rising from 2.6 MMDH to 2.9 MMDH, with the majority of transactions taking place on the central equities market.
