Moroccan dirham dropped by 0.61% against the euro and 0.52% against the US dollar during the period from June 23 to 29, according to Bank Al-Maghrib (BAM).
During this period, no auctions were conducted in the foreign exchange market, said Morocco’s central bank in its recent weekly bulletin.
As of June 24, official reserve assets reached MAD 342.2 billion, up 0.3% week-on-week, and 7.7% year-on-year.
During the same period, Bank Al-Maghrib’s total outstanding interventions amounted to MAD 95 billion, including MAD 32.9 billion in the form of 7-day advances on tender, MAD 37.6 billion in the form of repurchase operations, MAD 23.7 billion in the form of financing program of micron small and medium-sized enterprises, and MAD 900 million in foreign exchange operations.
On the interbank market, the average daily volume of trade was set at MAD 3 billion, and the interbank rate was fixed during this period at 1.50% on average, added BAM.
During the tender of June 29 (value date June 30), the Central Bank injected an amount of MAD 47 billion in the form of 7-day advances.
On the stock market, the MASI rose by 0.3%, bringing its year-to-date underperformance to 9.7%, BAM further stated.
The overall volume of trade amounted to MAD 1.5 billion, and on the central equities market, the average daily volume reached MAD 235.1 million, up compared to MAD 198.1 million recorded previously, according to the same source.
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