The Moroccan Dirham increased by 0.28% against the USD, and decreased by 0.16% against the euro, during the period from July 29 to August 04 according to Bank Al-Maghrib (BAM).
As of July 29, the outstanding official reserve assets of BAM stood at 300.9 billion dirhams (billion MAD), down slightly from one week to the next of 0.1% and up by 3.1% year-on-year, according to the same source.
The overall outstanding amount of BAM interventions stands at 99.4 billion MAD, including 42 billion MAD in the form of 7-day advances on call for tenders, 29.8 billion in the form of repurchase transactions, and 27.5 billion MAD within the support programs for the financing of the Small Medium Enterprises (SME).
This change mainly reflects the increases in the sector indices of banks by 2.1%, agri-food by 1.8%, and telecommunications by 1.5%.
For the overall volume of trade, it amounted to 421.2 million dirhams (MAD) against 5.7 billion dirhams a week earlier. On the central equity market, the average daily volume stood at 89.5 million MAD after 75.3 million MAD.
The evolution of the MAD against the dollar depends on the evolution of the EUR/ USD basket since its value is linked to a basket made up of 60% in euros and 40% in dollars. The rise or fall of the EUR/USD basket directly impacts the value of the MAD.
The development of the EUR/USD parity will depend on the reaction of the financial markets to what is happening in the United States, especially following the election of the new president, Joe Biden, which can influence the MAD, at least in the short term, especially in the first quarter, according to leboursier’s website.
Meanwhile evolution of the EUR/USD basket will be influenced by the US economic condition, which remains difficult to predict. In this context, the depreciation of the dollar is related to the basket effect.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.