The Moroccan dirham appreciated by 1.1% against the U.S. dollar and depreciated by 0.8% against the euro. Official reserves remained stable at MAD 367.9 billion. BAM’s average daily intervention reached MAD 146.9 billion. The MASI index fell by 2.7%, partly due to sector declines in banking, real estate, and telecommunications.
The Moroccan dirham experienced a 1.1% appreciation against the U.S. dollar and a 0.8% depreciation against the euro during the period from February 27 to March 5, as reported by Bank Al-Maghrib (BAM). Notably, no foreign exchange operations occurred during this timeframe, as highlighted in BAM’s weekly bulletin.
As of February 28, the official reserve assets totaled MAD 367.9 billion (approximately $37.7 billion), showing minimal change from the preceding week while reflecting a year-on-year increase of 2.3%. Furthermore, BAM’s average daily intervention volume reached MAD 146.9 billion (USD 14.9 billion) during this period, categorizing MAD 65.2 billion (USD 6.7 billion) as 7-day advances, MAD 47 billion (USD 4.8 billion) as long-term repurchase agreements, and MAD 34.7 billion (USD 3.5 billion) in guaranteed loans.
On the interbank market, the average daily trading volume increased to MAD 3.8 billion ($386 million), with the interbank rate settling at an average of 2.5%. During the auction on March 5 (with an effective value date of March 6), BAM injected MAD 66.1 billion ($6.7 billion) in 7-day advances to facilitate market liquidity.
In the stock market, the MASI index declined by 2.7% from February 27 to March 5, leading to a year-to-date performance of 12.5%. This decrease was driven primarily by a 2.9% drop in the banking index, an 8% decline in the real estate and property development index, a 4% fall in telecommunications, and a 3.2% reduction in transportation services. Additionally, the Price-to-Earnings Ratio (PER) decreased from 24.9 to 24 week-on-week, while the weekly trading volume fell to MAD 1.4 billion ($141 million) from MAD 3 billion ($304 million) the previous week, predominantly within the central equities market.
In summary, the Moroccan dirham demonstrated significant movement against major currencies with a notable appreciation against the U.S. dollar and a depreciation against the euro. The stability of official reserves and BAM’s interventions highlights ongoing market strategies. The stock market exhibited declines, primarily influenced by key sector performances, while trading volumes decreased markedly in comparison to the previous week.
Original Source: www.moroccoworldnews.com
