the dirham almost stable against the dollar

The dirham remained almost stable against the US dollar and depreciated by 0.26% against the euro during the period from July 28 to August 3, according to Bank Al-Maghrib (BAM).

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 29, 2022, official reserve assets stood at 330.1 billion dirhams (MMDH), up 1.1% week-on-week and 9.7% year-on-year.

During the same period, the overall outstanding amount of BAM’s interventions came to 104.1 billion dirhams, including 38.3 billion dirhams in the form of 7-day advances on calls for tenders, 38.6 billion dirhams through pension delivered and 27.1 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 trading volume stood at 3.7 billion dirhams and the interbank rate stood at 1.50% on average during this period. During the August 3 tender (value date August 4), the Bank injected an amount of 42.3 billion dirhams in the form of 7-day advances.

On the stock market, the Masi recorded an increase of 0.5%, bringing its poor performance since the beginning of the year to 11.4%.

This weekly evolution mainly reflects increases in the indices of the distributors sectors of 1.4% and of “buildings and construction materials” of 1.3%. Conversely, those of the beverages and telecommunications sectors fell by 1.4% and 0.5% respectively. As for the overall trading volume, it reached 234.4 million dirhams (MDH) against 219.4 MDH a week earlier. On the central equity market, the average daily volume amounted to 46.7 MDH after 42.8 MDH.

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