The Moroccan dirham dropped by 0.90% against the euro and 1.57% against the U.S. dollar during the period from 11 to 17 August, said Bank Al-Maghrib (BAM) in its latest weekly note.
During this period, no auctions were conducted on the foreign exchange market, added the Central Bank.
As of August 12, 2022, official reserve assets totaled MAD 336.9 billion, up 1.7% week-on-week and 12.5% year-on-year, further stated the same source.
During the same period, BAM’s total outstanding interventions amounted to MAD 105.5 billion, including MAD 39.7 billion in the form of 7-day advances on tender, MAD 38.6 billion in the form of repurchase operations, and MAD 27.1 billion for the financing of micro, small and medium-sized enterprises.
On the interbank market, the average daily volume of trade was set at MAD 3.7 billion and the interbank rate was fixed at 1.50% on average during this period, added BAM.
During the tender of August 17 (value date August 18), the Bank injected an amount of MAD 39.57 billion in the form of 7-day advances.
On the stock market, the Masi recorded a rise of 1.5%, bringing its underperformance since the beginning of the year to 8.9%, added the Central Bank.
This weekly evolution reflects mainly increases in the indices of the telecommunications sector by 2.4%, banks by 1.6% and buildings and construction materials by 1.5%, added the same source.
In contrast, the electricity and pharmaceutical sectors fell by 1.3% each, according to BAM.
The overall volume of trade reached MAD 296.8 million, up compared to MAD 160.8 million recorded a week earlier, added Morocco’s central bank.
On the central equity market, the average daily volume totaled MAD 49.3 million, up compared to MAD 32 million recorded last week, according to the same source.
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