The dirham appreciates against the euro

Bank Al-Maghrib (BAM) indicated that during the period from May 12 to 18, the dirham appreciated by 0.29% against the euro and remained almost stable against the US dollar. .

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

As of May 13, 2022, official reserve assets stood at 329.2 billion dirhams (MMDH), up 0.3% week-on-week and 9% year-on-year, the Bank adds. Central.

Over the same period, the overall outstanding amount of BAM’s interventions came to 92.7 billion dirhams, including 50.2 billion dirhams in the form of 7-day advances on calls for tenders, 21.2 billion dirhams through 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 dirhams and the interbank rate stood at 1.50% on average during this period, specifies the Central Bank, adding that during the call for tenders of May 18 (value date May 19), it injected an amount of 46 billion dirhams in the form of 7-day advances.

On the stock market, the Masi posted a slight increase of 0.2%, bringing its poor performance since the beginning of the year to 5.1%. This development mainly reflects the appreciation of the indexes of the mining sectors by 3.4%, “oil and gas” by 3.3% and “real estate investment companies” by 2.2%.

Conversely, those of the pharmaceutical industry, “transport services” and telecommunications fell by 4.4%, 0.7% and 0.3% respectively.

As for the overall volume of trade, it reached 344.6 million dirhams (MDH) after 530.5 MDH a week earlier. On the central equity market, the average daily volume amounted to 66.7 MDH against 99.9 MDH.

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