Morocco’s central bank, Bank Al-Maghrib, reported in its latest weekly bulletin that the dirham appreciated by 2.3% against the US dollar, while experiencing a slight decline of 0.6% against the euro during the reporting period.
The bank confirmed that there were no tender operations in the exchange market during this time. It also indicated that official reserve assets reached approximately 384.8 billion dirhams as of April 10, 2025, representing a weekly decrease of 2.1%, but showing an annual growth of 7.3%.
In terms of monetary policy, the average daily transaction volume of Bank Al-Maghrib stood at around 131 billion dirhams. This liquidity was distributed among 7-day advances valued at 49.3 billion dirhams, long-term repurchase agreements of about 49.8 billion dirhams, along with guaranteed loans totaling 32 billion dirhams.
In the interbank market, the average daily trading volume declined to 3 billion dirhams, while the interbank rate stabilized at 2.25%. For the tender conducted by the central bank on April 16 (with a maturity date of April 17), 49 billion dirhams were injected in the form of 7-day advances.
On another note, the Casablanca Stock Exchange saw a significant revival, with the main index “MASI” rising by 6.8% after previously recording a 9.3% decline, bringing its year-to-date performance to 15.9%.
Regarding sector performance, the electricity sector emerged as the highest growth sector at 18.4%, followed by the transport services sector (10.9%), communications (7.5%), and real estate and building materials (6.6%). The banking sector reported a growth of 3.7%. The “tree farming and paper” sector registered the only negative performance with a slight decrease of 0.2%.
The price-to-earnings ratio (PER) increased from 22.9 to 24.5 over the week, reflecting a rise in market valuation. In contrast, the weekly trading volume fell from 4.6 billion dirhams to 2.7 billion dirhams, with most of these transactions carried out within the central equity market.
This diverse performance reflects the dynamism of Moroccan financial markets amid fluctuations in the global economic context and local monetary policy trends.
