The dirham depreciates against the euro and the dollar

Bank Al-Maghrib (BAM) reported that during the period from March 3 to 9, 2022, the dirham depreciated by 2.1% against the euro and by 3.26% against the American dollar.

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

As of March 4, 2022, official reserve assets stood at 337.3 billion dirhams (MMDH), up 1.2% week-on-week and 9.5% year-on-year.

During the same period, the overall outstanding amount of BAM’s interventions came to 78.3 billion dirhams, including 36.2 billion dirhams in the form of 7-day advances on calls for tenders, 21.5 billion dirhams in the form of pension delivered and 20.6 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 3.7 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 9 (value date March 10), BAM injected an amount of 34.5 billion dirhams in the form of 7-day advances.

On the stock market, the Masi recorded a drop of 0.8%, bringing its poor performance since the beginning of the year to 3.7%. This trend mainly reflects the depreciation of the real estate sector indices by 12.2%, banks by 2.1% and telecommunications by 1.1%. Conversely, those of the distributors and agri-food sectors increased by 2.5% and 1.9% respectively. As for the overall volume of trade, it amounted to 791.3 million dirhams (MDH) against 882.3 MDH a week earlier. On the central equity market, the average daily volume stood at 153.5 MDH after 172.8 MDH.



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