The Moroccan dirham rose by 0.26% against the euro and dropped by 0.42% against the US dollar, during the period from September 23 to 29, according to Bank Al-Maghrib (BAM).
During this period, no auction operations were carried out on the foreign exchange market, BAM reported in its weekly indicator bulletin.
As of September 24, the outstanding official reserve assets (AOR) stood at MAD318 billion (billion dirhams), up 1.9% from one week to the other, Year-on-year, AORs grew by 7.6%, BAM noted.
This increase in AORs comes as a result of the sales of the equivalent of MAD 6 billion in foreign currency by the banks to the Central Bank in the context of auction operations.
During the same period, the overall outstanding amount of Central Bank interventions amounted to MAD 88.9 billion, including MAD 30.5 billion in the form of 7-day advances on call for tenders, MAD 30.9 billion in the form of repurchase transactions, MAD 26.6 billion under the financing support programs of the Small Medium-sized enterprises (SME), and MAD 1 billion under foreign exchange swap transactions.
On the interbank market, the average daily volume of trade stood at MAD 3.4 billion and the interbank rate during this period was 1.50% on average.
During the call for tenders on September 29 (value date September 30), BAM indicated that it had injected an amount of MAD 36.9 billion in the form of 7-day advances.
On the stock market, the Masi has appreciated 1.7%, bringing its performance since the start of the year to 16.9%.
This change mainly reflects increases in the sector indices for “buildings and construction materials” by 4.4%, “transport services” by 3.6%, and banks by 2%.
In contrast, those of the pharmaceutical and food industries depreciated by 3% and 0.7% respectively, the central bank noted.
As for the overall volume of trade, it amounted to MAD 1.3 billion against MAD 945.2 million a week earlier. On the central equity market, the average daily volume reached MAD 209.1 million after MAD 176.2 million a week earlier.
Previously, during the period from September 16 to 22, the Moroccan dirham was appreciated by 0.33% against the euro and depreciated by 0.51% against the USD.
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