the dirham depreciated by 0.43% against the euro

The dirham depreciated by 0.43% against the euro and appreciated by 0.29% against the US dollar during the period from March 9 to March 15, according to Bank Al-Maghrib (BAM).

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

As of March 10, 2023, official reserve assets stood at 360.4 billion dirhams (MMDH), up 8.2% week-on-week and 7.3% year-on-year, adds the same source.

During this week, the overall outstanding balance of BAM’s interventions came to 60.2 billion dirhams, including 14.2 billion dirhams in the form of 7-day advances on call for tenders, 23.4 billion dirhams in long-term repos and 22.4 billion dirhams of long-term guaranteed loans and 100 million dirhams (MDH) in the form of a foreign exchange swap.

On the interbank market, the average daily volume of trade stood at 2.8 billion dirhams and the interbank rate at 2.50% on average during this period.

During the call for tenders of March 15 (value date March 16), the Bank injected an amount of 22.3 billion dirhams in the form of 7-day advances.

On the stock market, the MASI fell by 0.9%, bringing its poor performance since the start of the year to 2.1%. This weekly trend mainly reflects the declines in the indices of the banking sectors by 0.9%, “buildings and construction materials” and the food industry by 2.5% each.

On the other hand, increases were recorded for the indexes of the mining and distributors sectors with respective rates of 2.8% and 0.8%.

As for the overall volume of trade, it reached 521.8 million dirhams against 437.1 million a week earlier. On the central equity market, the average daily volume amounted to 42.2 million dirhams after 54.7 million.

Previous Post Next Post