Change: The dirham depreciates against the euro and the dollar

Bank Al-Maghrib (BAM) indicated that during the period from June 9 to June 15, the dirham depreciated by 0.55% against the euro and by 2.83% against the US 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 June 10, 2022, official reserve assets stood at 320.8 billion dirhams (MMDH), down 1.1% week-on-week and up 5.8% year-on-year .

During the same period, the overall outstanding amount of Bank Al-Maghrib’s interventions amounted to 86.3 billion dirhams, including 34.7 billion dirhams in the form of 7-day advances on calls for tenders, 29.1 billion in the form of repurchase transactions and 22.2 billion under the program to support the financing of VSMEs and 250 million dirhams (MDH) under foreign exchange swap transactions.

On the interbank market, the average daily volume of trade stood at 5.1 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 June 15 (value date June 16), the Bank injected an amount of 44.9 billion dirhams in the form of 7-day advances.

On the stock market, the MASI depreciated by 2.5%, bringing its underperformance since the start of the year to 7.5%. This change mainly reflects the decreases in the indices of the banking sectors by 2%, telecommunications by 3.1% and buildings and construction materials by 3.6%.

On the other hand, those relating to the insurance and electricity sectors increased by 0.6% and 0.9% respectively. As for the overall volume of trade, it stood at 676.3 MDH against 859.7 MDH a week earlier.

As for the average daily volume, it rose to 135.3 MDH after 167.9 MDH

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