Slight Appreciation of the Dirham Against the Euro and Stability Against the Dollar
Bank Al-Maghrib reported that the dirham appreciated by 0.3% against the euro during the period from April 16 to April 22, 2026, while remaining largely stable against the US dollar, according to its latest weekly note.
Absence of Interventions in the Foreign Exchange Market
The central bank stated that no auction operations were conducted in the foreign exchange market during this period, indicating a balance between the supply and demand for currencies.
Strong Reserves with Annual Growth
Official reserve assets stood at 462.3 billion dirhams as of April 17, showing almost no change week-on-week, but an impressive increase of 19.8% year-on-year, confirming the robustness of external balances.
Significant Liquidity Injections
Regarding interventions from Bank Al-Maghrib, the average daily outstanding amount reached 167.6 billion dirhams. This figure is composed of 7-day advances (70.6 billion), longer-term repo operations (54.2 billion), and secured loans (42.8 billion).
Stability in the Interbank Market
In the interbank market, the average daily trading volume was recorded at 1.4 billion dirhams, while the interbank rate remained stable at 2.25%. During the auction on April 22, the central bank injected 54.9 billion dirhams in the form of 7-day advances.
Rise of the Casablanca Stock Exchange
On the stock market front, the MASI index of the Casablanca Stock Exchange increased by 2.2% during the same period, bringing its year-to-date performance to 1.7%.
This development can primarily be attributed to gains in the construction and building materials sector (+3.5%), banking (+1.9%), transportation services (+5.5%), and mining (+2.4%). Conversely, the telecommunications and retail sectors saw declines of 1.4% and 2%, respectively.
Decline in Trading Volume
Lastly, the weekly trading volume decreased from 3 billion to 2.4 billion dirhams, primarily concentrated in the central equity market, reflecting a degree of caution among investors.
