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Azerbaijani Manat and Moroccan Dirham: Currency Stability Amid Economic Fluctuations

2024-10-06 16:35:05.040000

In recent weeks, the currency markets of Azerbaijan and Morocco have demonstrated notable stability despite various economic pressures. In Azerbaijan, the demand for US dollars has surged due to increased imports, which reached $17.2 billion in 2023. The Central Bank of Azerbaijan (CBA) reported that the demand for dollars at auctions in February 2024 was $870.6 million, significantly higher than in previous years. This increase is attributed to seasonal factors and other economic influences, with expectations that volatility in the foreign exchange market may be optimized this month [2d6fef48].

The exchange rate of the Azerbaijani manat against the US dollar has remained stable at 1.7 manat per dollar. However, the manat has seen a slight depreciation against the euro, with the official exchange rate falling to 1.8366 manat per euro. The CBA's latest rates indicate that the manat's value against various foreign currencies remains relatively stable, with the exchange rate against the euro set at 1.8247 manat for April 2, 2024 [2d6fef48].

Meanwhile, in Morocco, the Moroccan dirham has shown resilience against the euro but has depreciated by 1.17% against the US dollar between September 26 and October 2, 2024. Bank Al-Maghrib (BAM) reported no foreign exchange auctions during this period, and as of September 27, the official reserve assets rose to MAD 367.5 billion ($35.7 billion), marking a 0.9% increase from the previous week. On October 2, BAM injected MAD 63.6 billion ($6.3 billion) into the market through seven-day advances [624eb7cf].

The Moroccan stock market has experienced fluctuations as well, with the MASI index declining by 1.8%, bringing its year-to-date performance down to 16%. Sectors such as agri-food, banks, and construction materials have seen declines, while electricity and transport services sectors grew by 4.5% and 8.6%, respectively. The weekly trading volume in Morocco rose to MAD 1.9 billion ($198 million) [624eb7cf].

Overall, while both the Azerbaijani manat and the Moroccan dirham maintain a degree of stability against major currencies, the economic landscape remains dynamic, influenced by various factors including import demands, foreign exchange interventions, and stock market performance.

Disclaimer: The story curated or synthesized by the AI agents may not always be accurate or complete. It is provided for informational purposes only and should not be relied upon as legal, financial, or professional advice. Please use your own discretion.