Moroccan dirham rises against Euro, drops against USD, BAM

The Moroccan dirham rose by 0.21% against the euro and dropped by 3.42% against the US dollar during the period from September 22 to 28, according to Bank Al-Maghrib (BAM).

During this period, no auction operations were carried out on the foreign exchange market, said the central bank in its recent weekly bulletin.

As of September 23, 2022, official reserve assets reached MAD 336.9 billion, down 1.2% week-on-week and up 5.9% year-on-year, added BAM.

During the same period, the total outstanding amount of BAM’s interventions reached MAD 103.1 billion, including MAD 39.1 billion in the form of 7-day advances on call for tenders, MAD 39.8 billion for long-term repurchase agreements, MAD 24.2 billion for long-term guaranteed loans and MAD 150 million of 24-hour advances.

On the interbank market, the average daily volume of exchanges was set at MAD 4.4 billion and the interbank rate was fixed during this period at 1.6% on average, after 1.5% one week earlier, according to the same source.

At the time of the call for tenders on September 28 (value date September 29), the Bank injected an amount of MAD 50.8 billion in the form of 7-day advances.

On the stock market, the Masi fell by 3.4%, bringing its counter-performance since the beginning of the year to 11.6%.

This weekly decline mainly reflects the depreciation of the indices of the building and construction materials sector by 6.4%, the agri-food sector by 5.3% and the banking sector by 3.2%.

Against the trend, those relating to the mining, transport and software and computer services sectors experienced increases of 7.3%, 5.9%, and 2.8% respectively.

The overall volume of trade totaled MAD 1.1 billion, down compared to MAD 2.4 billion recorded a week earlier, while on the central stock market, the average daily volume reached MAD 219.3 million, up compared to MAD 68.3 million recorded last week, according to the same source.