The dirham appreciates against the dollar and the euro

Bank Al-Maghrib (BAM) announced that during the period from December 22 to 28, 2022, the dirham appreciated by 0.36% against the euro and by 0.63% against the American dollar.

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

As of December 23, 2022, official reserve assets stood at 337.4 billion dirhams (MMDH), up 2.7% week-on-week and 2.2% year-on-year, namely the Central Bank.

During the same week, the overall outstanding amount of BAM’s operations came to 109 billion dirhams, including 63.7 billion dirhams in the form of 7-day advances on calls for tenders, outstanding long-term repos of 21. 5 billion dirhams and an amount of long-term guaranteed loans of 23.8 billion dirhams.

On the interbank market, the average daily volume of trade stood at 4.3 billion dirhams and the interbank rate stood at 2.50% on average during this period.

During the December 28 call for tenders (value date December 29), the Bank injected an amount of 69.1 billion dirhams in the form of 7-day advances.

During the same period, the MASI appreciated slightly by 0.1%, maintaining its underperformance since the beginning of the year at 18%. This weekly evolution notably covers increases in the indices of the beverages sectors by 11%, electricity by 8.8% and banks by 1.4% as well as decreases in those of the food industry by 2.5%, buildings and construction materials by 2.3% and telecommunications by 2.1%, adds Bank Al-Maghrib.

The overall volume of exchanges amounted to 8.8 billion, of which 5.1 billion was carried out on the block market. On the central equity market, the average daily volume amounted to 729.5 million against 67.9 million a week earlier.

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