Agadir – Morocco’s currency and stock market both faced pressure during the week of June 4-10, according to the latest weekly indicators published by Bank Al-Maghrib (BAM).
The Moroccan dirham weakened by 0.6% against the US dollar over the period, while remaining broadly stable against the euro. BAM also reported that no foreign exchange auction operations were conducted during the week.
Meanwhile, Morocco’s official reserve assets reached MAD 490.8 billion ($52.96 billion) as of June 5. The figure marked a slight weekly decline of 0.1%, but reflected a strong annual increase of 22.8% compared to the same period last year.
Bank Al-Maghrib continued its liquidity support operations, with average daily interventions totaling MAD 155.4 billion ($16.77 billion) between June 4 and June 10. The amount included MAD 55.4 billion in seven-day advances, MAD 52.9 billion ($5.70 billion) through longer-term repurchase agreements, and MAD 47.1 billion ($5.08 billion)in guaranteed loans.
On the interbank market, the average daily trading volume stood at MAD 1.1 billion ($118.7 million), while the interbank interest rate remained at 2.25%.
As part of its regular liquidity management operations, the central bank injected MAD 43.8 billion ($4.72 billion) in seven-day advances during its June 10 tender, with a value date of June 11.
The Casablanca Stock Exchange recorded a weaker performance during the same period. The Moroccan All Shares Index (MASI) declined by 2.3% week-on-week, deepening its year-to-date loss to 3.7%.
The downturn was largely driven by a sharp correction in mining stocks. The sector’s index fell by 13.1%, making the largest negative contribution to the market’s overall performance and shaving 1.7 points off the MASI.
In contrast, the building and construction materials sector posted modest gains, with its index rising by 1.2%. Most other sectors showed little change during the week.
Trading activity remained relatively stable compared to the previous week. Total weekly turnover hovered around MAD 1 billion ($107.9 million), with the bulk of transactions taking place on the central equity market.
