The Moroccan dirham appreciated by 0.36% against the euro, and dropped by 1.86% against the US dollar, during the period from February 24 to March 2, 2022, according to Bank Al-Maghrib (BAM).
During this period, no auction operation was carried out on the foreign exchange market, indicates the Central Bank in its recent weekly bulletin.
As of February 25, official reserve assets stood at MAD333.4 billion, up 0.2% week-on-week, and 8.1% year-on-year, added BAM.
The overall outstanding balance of BAM’s interventions amounts to MAD75.2 billion, including MAD33.1 billion in the form of 7-day advances on call for tenders, MAD21.5 billion in the form of transactions, and MAD20.6 billion part of support programs for the financing of small and medium-sized enterprises (SMEs).
In terms of the interbank market, the average daily volume of trade stood at MAD4.7 billion, and the interbank rate stood at 1.5% on average during this period.
On the stock market, the MASI index dropped by 4%, recording its lowest performance since the beginning of the year of 2.9%. This decline is mainly due to the decrease in the sector indices of “oil and gas” by 10.6%, “buildings and construction materials” (7.2%), and banks (2.7%).
The mining and “holding and holding companies” sectors fell by 1.8%, and 1.4% respectively.
As for the overall volume of trade, it reached MAD882.3 million, down compared to MAD1 billion recorded a week earlier, while the average daily volume totaled MAD172.8 million, down compared to MAD199.7 million recorded in the previous week.
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