The dirham appreciates against the dollar and the euro

The dirham appreciates against the dollar and the euro

Bank Al-Maghrib (BAM) indicated that during the week from June 28 to July 5, the dirham appreciated by 1.97% against the US dollar and by 1.33% against the euro.

In its recent bulletin of weekly indicators, the Central Bank states that during this period, no auction operation was carried out on the foreign exchange market.

As of June 28, 2023, official reserve assets stood at 344.8 billion dirhams (MMDH), down 1% week-on-week and up 5.3% year-on-year, know the same source. During the same period, the overall outstanding amount of BAM’s interventions amounted to 117.3 billion dirhams, including 50.5 billion dirhams in the form of 7-day advances on calls for tenders, 43.1 billion dirhams of outstanding pensions delivered on a long-term basis and 23.7 billion dirhams amount of long-term guaranteed loans.

On the interbank market, between July 3 and 5, the average daily volume of trade stood at 5.5 billion dirhams and the interbank rate stood at 3.00% on average.

During the July 5 call for tenders (value date July 6), the Bank injected an amount of 37.6 billion dirhams in the form of 7-day advances.

On the stock market, and during the period from July 3 to 5, the MASI appreciated by 0.8%, bringing its performance since the beginning of the year to 8.9%. This weekly trend mainly reflects increases in the indices for the “oil and gas” sectors by 4.9% and “buildings and construction materials” by 2.5%. On the other hand, those relating to the “real estate investment companies” and insurance sectors fell by 1.8% and 1.5% respectively.

As for the overall volume of trade, it stood at 228 million dirhams (MDH), against 2.2 billion dirhams a week earlier. On the central equity market, the average daily volume reached 68.2 MDH, after 432.2 MDH.


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