HomeEconomyChange: The dirham appreciates against the euro and the dollar

Change: The dirham appreciates against the euro and the dollar

Bank Al-Maghrib (BAM) indicated that during the period from March 17 to 23, 2022, the dirham appreciated by 1.04% against the euro and by 1% against the US dollar.

In its last weekly bulletin, BAM notes that during this period, no auction operation was carried out on the foreign exchange market.

As of March 18, 2022, official reserve assets stood at 338.8 billion dirhams (MMDH), up 0.9% week-on-week and 10.1% year-on-year.

During the same period, the overall outstanding amount of BAM’s interventions amounted to 76.2 billion dirhams, including 34 billion dirhams in the form of 7-day advances on calls for tenders, 21.5 billion dirhams in the form of repurchase transactions delivered and 20.6 billion dirhams as part of support programs for the financing of very small, small and medium-sized enterprises (TPME) and 73 million dirhams (MDH) via 24-hour advances.

On the interbank market, the average daily volume of trade stood at 4.2 billion dirhams and the interbank rate stood at an average of 1.50% during this period, specifies the bulletin, adding that during the he call for tenders of March 23 (value date March 24), BAM injected an amount of 36.7 billion dirhams in the form of 7-day advances.

On the stock market, the Masi depreciated by 1.4%, bringing its underperformance since the start of the year to 5.8%. This weekly evolution mainly reflects the declines in the indices of the transport services sectors by 3.3%, the food industry by 3% and the banks by 2.7%.

On the other hand, those of electricity and oil and gas appreciated by 3.5% and 0.8% respectively.

As for the overall volume of trade, it amounted to 555.3 MDH against 452.1 MDH a week earlier. On the central equity market, the average daily volume reached 110.9 MDH after 88.6 MDH.




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