Change: The dirham depreciates against the euro

Bank Al-Maghrib (BAM) indicated that during the period from July 21 to 27, the dirham depreciated by 0.15% against the euro and 0.53% against the US dollar. .

During this period, no auction operation was carried out on the foreign exchange market, indicates the Central Bank in its last weekly bulletin.

As of July 22, 2022, official reserve assets stood at 326.5 billion dirhams (MMDH), down 1.4% week-on-week and up 8.4% year-on-year .

During the same period, the overall outstanding amount of BAM’s interventions amounted to 103 billion dirhams, including 41.7 billion dirhams in the form of 7-day advances on calls for tenders, 38.6 billion dirhams in the form of repurchase transactions delivered and 22.6 billion dirhams under the program to support the financing of very small, small and medium-sized enterprises (TPME).

On the interbank market, the average daily volume of exchanges stood at 4.7 billion and the interbank rate stood at 1.50% on average during this period.

During the July 27 call for tenders (value date July 28), the Bank injected an amount of 38.3 billion dirhams in the form of 7-day advances.

On the stock market, the MASI fell by 1.4%, bringing its underperformance since the start of the year to 11.9%. This weekly evolution mainly reflects the depreciation of the indices of the telecommunications sectors by 4.8%, the food industry by 2.7% and the banks by 1.7%. Conversely, those of the electricity and “oil and gas” sectors increased by 3.8% and 3.5% respectively.

As for the overall volume of trade, it stood at 219.4 million dirhams (MDH), against 693.9 million a week earlier. On the central equity market, the average daily volume amounted to 42.8 MDH after 48.1 million.

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