The dirham appreciates against the euro and depreciates against the dollar

Bank Al-Maghrib (BAM) indicated that during the period from October 27 to November 2, 2022, the dirham appreciated by 0.59% against the euro and depreciated by 0.66% against 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 October 28, 2022, official reserve assets stood at 339.7 billion dirhams (MMDH), up 0.6% week-on-week and 5.2% year-on-year, know BAM.

Over the same period, the overall outstanding amount of BAM’s interventions amounted to 100.9 billion dirhams, including 42.9 billion dirhams in the form of 7-day advances on calls for tenders, 31 billion dirhams outstanding long-term repos delivered and 26.9 billion dirhams of long-term guaranteed loans.

On the interbank market, the average daily volume of trade stood at 3.9 billion dirhams and the interbank rate stood at an average of 2% during this period, notes the same source, noting that during the call for tenders of November 2 (value date November 3), the Bank injected an amount of 50 billion dirhams in the form of 7-day advances.

On the stock market, the MASI rose by 1.1%, bringing its poor performance since the start of the year to 18.7%. This weekly evolution essentially reflects the appreciation of the indices of the banking sectors by 3%, transport services by 2.9% and the food industry by 1.2%. Conversely, those of the chemical and beverage sectors fell by 7.4% and 3.1% respectively.

As for the overall volume of trade, it amounted to 5.1 billion dirhams against 396.5 million dirhams (MDH) a week earlier. On the central equity market, the average daily volume stood at 88.2 million dirhams after 54.5 million dirhams and transactions carried out on the block market totaled 4.7 billion dirhams.

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