Moroccan Dirham Strengthens Against Dollar as Stock Market Rebounds Sharply

(3 Minutes Read)

The Moroccan dirham appreciated by 2.3% against the US dollar and dipped slightly—0.6%—against the euro, according to Bank Al-Maghrib’s (BAM) latest update. The national currency’s performance highlights a phase of relative resilience amid broader financial shifts. BAM did not conduct any forex auctions during this period.

As of April 10, Morocco’s official reserves stood at MAD 384.8 billion (USD 38.5 billion), marking a 2.1% weekly drop but showing a 7.3% year-on-year increase. The central bank injected MAD 131 billion daily into the banking system via multiple mechanisms, including short-term advances and repo agreements.

Interbank activity remained stable, with daily volumes at MAD 3 billion and the average interest rate steady at 2.25%. In its April 16 operation, BAM allocated MAD 49 billion in seven-day liquidity.

The Casablanca Stock Exchange rebounded strongly, with the MASI index rising 6.8%, recouping most of the prior week’s 9.3% decline. Since the year’s start, the index is up 15.9%. Gains were broad-based across sectors, led by electricity (+18.4%) and transport services (+10.9%). Only forestry and paper saw a slight decline.

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Despite a drop in trading volumes—from MAD 4.6 billion to MAD 2.7 billion—the market’s valuation sentiment improved, as reflected by a rise in the price-to-earnings ratio from 22.9 to 24.5.