Dirham falls against euro and dollar

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April 2, 2024 – 07:00 – Economy

The Moroccan dirham fell slightly against the euro and the dollar in the week of March 21 to 27, 2024. According to Bank Al-Maghrib, the value of the dirham fell by 0.91% against the dollar and by 0.72% against the euro.

No currency auctions were held in the foreign exchange market in the week in question, Bank Al-Maghrib said in its weekly bulletin.

Also read: Morocco ready for flexible dirham

Morocco’s official reserves amounted to 361.2 billion dirhams as of March 22, 2024. This is an increase of 0.2% compared to the previous week, but a decrease of 0.6% year-on-year.

Bank Al-Maghrib’s daily interventions in the money market averaged 120.3 billion dirhams. These interventions consisted of 7-day advances (39.4 billion dirhams), long-term time deposits (50.6 billion dirhams) and guaranteed loans (30.4 billion dirhams).

The MASI index, the indicator of the Moroccan stock exchange, rose by 0.2% in the week of March 21 to 27. This means that the index has risen by 7.4% since the start of the year. The increase in the MASI is due to the good performance of the agri-food (2%), building materials (0.8%) and banking (0.5%) sectors.

Also read: Dirham stronger than euro, weaker than dollar

Total trading turnover on the exchange fell from 956.5 million dirhams to 734.8 million dirhams. Most transactions took place on the central stock market.

The article is in Dutch

Tags: Dirham falls euro dollar

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