Moroccan Currency Dirham in A Swinging Motion

The Morocco’s central bank, Bank Al Maghrib has said that the country’s currency has been in a very unusual state latterly as it rose by 0.58% against the Euro and dropped by 0.44% against the dollar from August 20-26.As of August 19, Morocco’s official reserve assets stood at MAD 294.3 billion ($32.16 million), an increase of 1.8% week-on-week and a 24.8% increase year-on-year. The apex bank notes that it injected a total of MAD 112.3 billion ($12.27 billion) during this period.  

Bank Al Maghrib
Bank Al Maghrib

Of the total sum, MAD 33.4 billion ($3.65 billion) is in the form of seven-day advances to call for tenders, MAD 44 billion ($4.81 billion) is in the form of repurchase transactions, MAD 8billion ($874 million) falls under financing support for the small and medium enterprises, and MAD 3 billion ($327.8 million) falls under foreign exchange swap operations.

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The bank added that no auction operations were carried out on the foreign exchange market. In terms of the interbank market, the average daily volume of trade stood at MAD 4.7 billion ($513.57 million). The average interbank rate from August 20-26 was 1.5%.

Bank Al Maghrib also injected MAD 28.7 billion ($3.14 billion) in a seven-day period advances during the call for tenders on August 26. At the level of the stock market, the Moroccan All Shares Index (MASI) dropped by 0.5%, bringing its low performance since the start of 2020 to 16.1%.

The change reflects the decline in sector indices for banks by 3.1%, while distributors declined by 2.8%. Morocco’s mines sector recorded a poor performance, decreasing by 5%. Telecommunications sectors reported an increase in indices by 2.9%, while transport services recorded an increase of 2.5%.

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The overall volume of trade, according to Bank Al Maghrib, increased to MAD 259.8 million ($28.39 million) compared to MAD 257.1 million ($28.09 million) a week earlier. The average daily volume of trade reached MAD 44.5 million ($4.86 million) from August 2026 against MAD 63 million ($6.88 million) the previous week, in terms of the central equity market.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry