- 16:40Hate speech trial of Isabel Peralta: Neonazi leader faces charges for inciting violence against migrants
- 16:15Morocco enhances water security with new desalination plant in Sidi Ifni
- 15:45Morocco to Sight the Crescent Moon for Eid Al Fitr on Sunday
- 15:10The return of flamingos to Merzouga: A natural spectacle
- 14:30Over 1,000 Confirmed Dead in 7.7 Magnitude Earthquake in Myanmar
- 13:50Spain, Morocco, and Portugal launch joint bid for 2035 FIFA Women’s World Cup
- 13:20Elon Musk's xAI acquires X, signaling a transformative merger
- 12:50EU urges citizens to prepare for potential crises
- 12:20Tangier ranked among top 10 tourist destinations for 2025
Follow us on Facebook
Moroccan dirham shows mixed performance as central bank boosts financial system
The Moroccan dirham demonstrated varied performance in foreign exchange markets during January 16-22, appreciating 0.6% against the US dollar while declining 0.5% against the euro, according to Bank Al-Maghrib (BAM).
During this period, BAM reported no currency auction operations in the foreign exchange market. The country's official reserve assets reached MAD 368.4 billion ($36.1 billion), marking a 0.1% weekly increase and a 4% rise compared to the previous year.
The central bank made significant moves to support the financial system, injecting MAD 141.2 billion ($13.8 billion) through various mechanisms. This included MAD 57.4 billion ($5.6 billion) in seven-day advances, complemented by longer-term repos and secured loans valued at MAD 49.6 billion ($4.8 billion) and MAD 34.1 billion ($3.3 billion) respectively.
In the interbank sector, daily trading averaged MAD 2.4 billion ($235 million), with the interbank rate holding steady at 2.50%. BAM's January 22 tender provided additional seven-day advances totaling MAD 55.1 billion ($5.4 billion).
The Casablanca Stock Exchange experienced a downturn, with the Moroccan All Shares Index (MASI) declining by 1.9%, reducing its year-to-date performance to 6.8%. Key sectors contributed to this decline, including agro-food (-4%), construction and building materials (-2.6%), and banking (-1.8%).
Despite the stock market decline, trading activity increased, with weekly volumes rising to MAD 2.9 billion ($284 million) from the previous week's MAD 2.6 billion ($255 million). The central equities market dominated these transactions, reflecting ongoing market dynamics in Morocco's financial sector.
Comments (0)