The dirham depreciates by 0.61% against the euro from May 5 to 11

The dirham depreciated by 0.61% against the euro and 0.40% against the US dollar, during the period from May 5 to 11, 2022, according to Bank Al-Maghrib (BAM) .

During this period, no auction operations were carried out on the foreign exchange market, the Central Bank indicates in its recent weekly bulletin, noting that as of May 6, 2022, official reserve assets stood at 328 .3 billion dirhams (MMDH), down 0.3% week-on-week and up 8.3% year-on-year.

During the same period, the overall outstanding amount of BAM’s interventions amounted to 89.3 MDH, including 46.8 MDH in the form of 7-day advances on call for tenders, 21.2 MDH through operations of pension delivered and 21.3 billion dirhams as part of the program to support 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 and the interbank rate during this period averaged 1.50%, the Central Bank said, adding that during of the call for tenders of May 11 (value date May 12), it injected an amount of 50.2 billion dirhams in the form of 7-day advances.

On the stock market, the MASI recorded a decline of 3.8%, bringing its poor performance since the start of the year to 5.3%. This change mainly reflects the depreciation of the indices of the “buildings and construction materials” sectors by 4.8%, telecommunications by 4.2% and banks by 3.7%. On the other hand, those of the “leisure and hotels” and mining sectors increased by 3% and 0.5% respectively.

As for the overall volume of trade, it stood at 530.5 million against 287.4 million dirhams a week earlier. On the central equity market, the average daily volume amounted to 99.9 million after 95.8 million dirhams.



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