The dirham appreciates by 1.17% against the dollar

Bank Al-Maghrib (BAM) indicated that during the period from December 1 to December 7, the dirham depreciated by 0.21% against the euro and appreciated by 1.17% against of the US dollar.

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

The Central Bank also notes that on December 2, official reserve assets stood at 344.7 billion dirhams (MMDH), up 1% from one week to another and 6.9% year-on-year.

During the same period, the overall outstanding balance of BAM’s interventions amounted to 89.6 billion dirhams, including 42.1 billion dirhams in the form of 7-day advances on calls for tenders, 22.1 billion dirhams of outstanding pensions delivered over the long term and 25.5 billion dirhams of long-term guaranteed loans.

On the interbank market, the average daily volume of trade stood at 3.1 billion dirhams and the interbank rate stood at 2% on average during this period.

As for stock market indicators, the MASI recorded a rise of 3.5%, bringing its poor performance since the start of the year to 15.5%, the bulletin indicates.

This weekly evolution essentially reflects increases in the indices of the “telecommunications” sectors by 7%, “buildings and construction materials” by 5.1% and banks by 2.2%.

Conversely, the index of the insurance sector and that of “oil and gas” fell by 2.1% and 1.9% respectively.

As for the overall volume of trade, after an amount of 517.5 million dirhams (MDH) of dirhams realized a week earlier, it amounted to 4.5 billion dirhams including 4.2 billion dirhams on the block market . On the central equity market, the average daily volume stood at 57 million dirhams against 63.1 million dirhams.

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