Change: The dirham depreciates against the euro

Bank Al-Maghrib (BAM), indicated that during the period from February 17 to 23, 2022, the dirham depreciated by 0.34% against the euro and by 0.61% against the American dollar.

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

As of February 18, 2022, official reserve assets stood at 332.8 billion dirhams (MMDH), up 1% week-on-week and 8% year-on-year, further notes the Central Bank .

During the same period, the overall outstanding amount of BAM’s interventions amounted to 72.4 billion dirhams, including 30.1 billion dirhams in the form of 7-day advances on calls for tenders, 22.7 billion dirhams in the form of pension delivered and 19.7 billion dirhams as part of support programs for the financing of very small, small and medium-sized enterprises (TPME).

On the interbank market, the average daily volume of trade stood at 4.6 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 February 23 (value date February 24), BAM injected an amount of 33.1 billion dirhams in the form of 7-day advances.

On the stock market, the Masi recorded a decline of 1.8%, bringing its performance since the beginning of the year to 1.1%. This change mainly reflects the depreciation of the indices of the building and construction materials sectors by 3.8%, the food industry by 3.7% and the telecommunications sector by 2.4%.

Conversely, those of the real estate and REIT sectors increased by 8.1% and 1.8% respectively.

As for the overall volume of trade, it amounted to 1 billion dirhams against 1.5 billion dirhams a week earlier. On the central equity market, the average daily volume stood at 199.7 million dirhams (MDH) after 243.9 MDH.



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