The dirham appreciates against the dollar and depreciates against the euro

Bank Al-Maghrib (BAM), indicated that during the period from November 10 to 16, 2022, the dirham depreciated by 1.73% against the euro and appreciated by 1.89% vis-à-vis the euro. 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 November 11, 2022, official reserve assets stood at 341.2 billion dirhams (MMDH), up 0.4% week-on-week and 6.1% year-on-year.

BAM also notes that during the same period, the overall outstanding amount of BAM’s interventions came to 104.8 billion dirhams, including 46.8 billion dirhams in the form of 7-day advances on calls for tenders, 31 billion dirhams of outstanding long-term repurchase agreements and 26.9 billion dirhams of long-term guaranteed loans.

On the interbank market, the average daily volume of trade stood at 2.1 billion dirhams and the interbank rate stood at 2% on average during this period, it is further underlined, noting that during the he call for tenders of November 16 (value date November 17), the Bank injected an amount of 32.1 billion dirhams in the form of 7-day advances.

On the stock market, the Masi fell by 0.3%, bringing its poor performance since the start of the year to 20.5%, specifies the Central Bank. This weekly evolution essentially reflects the decreases in the indices of the agri-food sectors by 3.4%, oil and gas by 2.2% and distributors by 1.5%. Conversely, the index of the telecommunications sector and that of banks increased by 1.3% and 0.4% respectively.

As for the overall volume of trade, it stood at 699.1 million dirhams, after 361.6 million a week earlier.

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