the dirham appreciates against the dollar

the dirham appreciates against the dollar

The dirham appreciated by 0.48% against the US dollar and depreciated by 1.56% against the euro during the week running from July 13 to 18, according to Bank Al-Maghrib (BAM).

During this period, no auction operations were carried out on the foreign exchange market, indicates BAM in its recent bulletin of the weekly indicators. As of July 14, 2023, official reserve assets stood at 343.5 billion dirhams (MMDH), up 0.5% week-on-week and 3.7% year-on-year, the same source said.

During the week from July 13 to 19, 2023, the overall outstanding balance of Bank Al-Maghrib’s interventions amounted to 104.8 billion dirhams, including 38 billion dirhams in the form of 7-day advances on calls for tenders, 43.1 billion dirhams of outstanding long-term repos and 23.7 billion dirhams of long-term guaranteed loans. On the interbank market, the average daily volume of trade stood at 3.3 billion dirhams and the interbank rate stood at 3% on average.

During the July 20 call for tenders (same value date), the Bank injected an amount of 30.6 billion dirhams in the form of 7-day advances.

On the stock market, the MASI appreciated by 1.3%, bringing its performance since the start of the year to 9%. This weekly trend mainly reflects increases in the indices of the electricity sectors by 6.6%, distributors by 3.7% and banks by 1.2%.

On the other hand, those relating to the “forestry and paper” and “buildings and construction materials” sectors fell by 10% and 0.5% respectively.

As for the overall volume of trade, it amounted to 444.3 million dirhams (MDH), against 527.7 MDH a week earlier. On the central equity market, the average daily volume reached 107 MDH after 104.1 MDH.


Please enter your comment!
Please enter your name here