The dirham stable against the euro, depreciates against the dollar

The dirham stable against the euro, depreciates against the dollar

Bank Al-Maghrib (BAM), reported that during the week of May 18 to 24, the dirham remained almost stable against the euro and depreciated by 0.68% against the US dollar. .

In its recent weekly indicators bulletin, BAM clarified that during this period, no auction operations were carried out on the foreign exchange market.

As of May 19, 2023, official reserve assets stood at 355.9 billion dirhams (MMDH), almost flat week-on-week and up 8.4% year-on-year, reports the same source.

During the same week, the overall outstanding amount of BAM’s interventions amounted to 83.8 billion dirhams, including 42.1 billion dirhams in the form of 7-day advances on calls for tenders, 21.2 billion dirhams of outstanding pensions delivered over the long term and 20.6 billion dirhams of long-term guaranteed loans.

On the interbank market, the average daily volume of trade stood at 2.7 billion dirhams and the interbank rate stood at 3% on average during this period. During the May 24 call for tenders (value date May 25), the Bank injected an amount of 32.1 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 1.8%. This weekly evolution mainly reflects the increases in the indexes of the sectors of portfolio companies and holding companies by 4.1%, banks by 3% and electricity by 2%. On the other hand, those of the real estate and building and construction materials sectors fell by 3.6% and 0.6%, respectively.

As for the overall volume of trade, it amounted to 434.2 million dirhams (MDH) against 667.8 MDH a week earlier. On the central equity market, the average daily volume fell from 133 MDH to 86.7 MDH from one week to the next.


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