HomeEconomyForeign exchange: The dirham appreciates by 0.29% against the euro

Foreign exchange: The dirham appreciates by 0.29% against the euro

Bank Al-Maghrib (BAM) indicated that during the period from May 26 to June 1, 2022, the dirham appreciated by 0.29% against the euro and by 0.77% 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, noting that as of May 27, 2022, the official reserve assets stood at 327 .7 billion dirhams (MMDH), down 0.1% week-on-week and up 7.6% year-on-year.

Over the same period, the overall outstanding amount of BAM’s interventions amounted to 93 billion dirhams, including 41.4 billion dirhams in the form of 7-day advances on calls for tenders, 29.1 billion dirhams through repurchase transactions and 22.2 billion dirhams under the very small, small and medium-sized enterprise (TPME) financing support program and 250 million dirhams (MDH) for foreign exchange swap transactions.

On the interbank market, the average daily volume of trade stood at 3.2 billion dirhams and the interbank rate stood at an average of 1.50% during this period, specifies the Central Bank, adding that during the call for tenders of June 1 (value date June 2), it injected an amount of 36.2 billion dirhams in the form of 7-day advances.

On the stock market, the MASI did not experience any significant variation, its underperformance since the start of the year having stabilized at 7.2%. This trend covers falls in the indices of the “buildings and construction materials” sectors by 1.6% and “insurance” by 2.5%, as well as increases in those of “agrifood” and “petroleum and gas” by 1.3% and 2.3% respectively.

As for the overall volume of trade, it stood at 622.9 billion dirhams against 1.5 billion dirhams a week earlier. On the central equity market, the average daily volume amounted to 123.5 MDH after 100.2 MDH.




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