The dirham depreciates against the euro and the US dollar

During the period from October 13 to 19, 2022, the dirham depreciated by 0.72% against the euro and by 0.13% against the US dollar.

In its recent weekly bulletin, Bank Al-Maghrib (BAM), specifies that during this period, no auction operation was carried out on the foreign exchange market.

As of October 14, 2022, official reserve assets stood at 338.7 billion dirhams (MMDH), down 0.1% week-on-week and up 4.9% year-on-year , says the Central Bank.

During the same period, the overall outstanding balance of BAM’s interventions amounted to 105.7 billion dirhams, including 51.6 billion dirhams in the form of 7-day advances on calls for tenders, 30.9 billion dirhams of outstanding pensions delivered over the long term and 23.2 billion dirhams of long-term guaranteed loans.

On the interbank market, the average daily volume of trade stood at 5.4 billion dirhams and the interbank rate stood at an average of 2% during this period, notes the same source, noting that during the tender of October 19 (value date October 20), the Bank injected an amount of 50.8 billion dirhams in the form of 7-day advances.

On the stock market, the MASI depreciated by 3% last week, bringing its underperformance to 15.3% since the start of the year. This weekly trend mainly reflects the declines in the indices of the building and construction materials sectors by 4.4% and the banks by 3.5%. Conversely, those of the beverage and “oil and gas” sectors increased by 4.7% and 0.5% respectively.

As for the overall volume of trade, it amounted to 585.6 million dirhams (MDH) against 367.1 MDH a week earlier. On the central equity market, the average daily volume stood at 111.8 MDH after 82.9 MDH.

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