Appreciation of the Dirham and Market Trends (January 02-08, 2025)

Sunday 12 January 2025 - 15:40

Between January 02 and 08, 2025, the Moroccan dirham showed a positive trend, appreciating by 1.4% against the euro and 0.6% against the US dollar, according to Bank Al-Maghrib (BAM). During this period, no foreign exchange operations were conducted, as highlighted in BAM's weekly report.

As of January 3, 2025, official reserve assets stood at 373.2 billion dirhams, reflecting a slight decrease of 0.6% from the previous week but a 4.9% year-on-year increase.

The weekly average of BAM's market interventions was 144.2 billion dirhams. These interventions included 60.2 billion dirhams in 7-day advances, 49.6 billion dirhams in longer-term repurchase agreements, and 34.3 billion dirhams in guaranteed loans.

In the interbank market, the average daily trading volume returned to 2.6 billion dirhams, with the interbank rate averaging 2.5%.

On January 8, BAM injected 53.4 billion dirhams in 7-day advances through a tender, effective January 9.

The stock market also saw positive movement, with the MASI index increasing by 6.4%. This increase was driven by notable growth in several sectors, including a 6% rise in the banking sector, 7.2% in building and construction materials, 13.8% in transport services, and 16.2% in real estate investments and promotion.

Weekly trading volume on the stock market decreased from 7.3 billion dirhams to 4.2 billion dirhams, with almost all activity concentrated in the central equity market.