Morocco’s Foreign Reserves Stand at $34 Billion

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Rabat – Last week, April 22-28, the Moroccan dirham (MAD) depreciated by 0.27% against the euro but appreciated 0.25% against the US dollar, stated BAM’s weekly indicators bulletin. 

The official foreign reserve assets in Morocco reached MAD 303.9 billion ($34 billion) as of April 23, an increase of 6.4% in comparison to April 2020, reported Bank Al-Maghrib. 

Bank Al-Maghrib injected MAD 69.3 billion ($7.7 billion), including MAD 25.2 billion ($2.8 billion)  for seven-day advances on call for tenders and MAD 29.1 billion ($3.2 billion) to support the framework development of programs aimed at very small, small and medium businesses.

The central stock market recorded an increase of MAD 14.4 million ($1.6 million) in the average daily volume this week, compared to last week, making a total of MAD 107.3 million ($12 million).

The MASI index peaked at a performance level of 4.4%, the highest level since the beginning of the year, and in numbers, the total volume of trade reached MAD 537.1 million ($60.2 million), according to Bank Al-Maghrib sources.

Whereas, the average daily volume of trade on the interbank market recorded MAD 4.3 billion ($482 million) with an average rate of 1.5%. 

Source: moroccoworldnews.com