Currency market performance: Dirham appreciates against the dollar

Sunday 26 January 2025 - 16:20

From January 16 to January 22, 2025, the dirham appreciated by 0.6% against the US dollar and depreciated by 0.5% against the euro, according to Bank Al-Maghrib (BAM). During this period, no foreign exchange auction operations were carried out, as highlighted in BAM's weekly bulletin.

As of January 17, 2025, official reserve assets reached 368.4 billion dirhams (MMDH), marking an increase of 0.1% week-over-week and 4% year-over-year.

BAM's weekly interventions amounted to an average of 141.2 billion dirhams per day, divided among 7-day advances (57.4 MMDH), long-term repurchase agreements (49.6 MMDH), and secured loans (34.1 MMDH).

On the interbank market, the average daily trading volume was 2.4 billion dirhams, with the interbank rate averaging 2.50%. Following a call for bids on January 22 (settlement date: January 23), BAM injected 55.1 billion dirhams in 7-day advances.

In the stock market, the MASI index declined by 1.9%, reducing its year-to-date performance to 6.8%. This weekly drop reflects declines of 4% in the "Agri-food" sector, 2.6% in "Construction and Building Materials," and 1.8% in "Banks."

Weekly trading volume rose from 2.6 billion dirhams to nearly 2.9 billion dirhams, with the majority of transactions occurring in the central equities market.