The Moroccan dirham dropped by 0.72% against the euro and by 0.13% against the US dollar, said Bank Al-Maghrib (BAM) for the period from October 13 to 19, 2022.
The central bank indicated that during this period, no auction operations were carried out on the foreign exchange market, according to its recent weekly bulletin.
BAM also reported that as of 14 October 2022, official reserve assets reached MAD 338.7 billion, down 0.1% week-on-week and up 4.9% year-on-year.
During the same period, BAM’s total outstanding interventions amounted to MAD 105.7 billion, including MAD 51.6 billion in the form of 7-day advances on call for tenders, MAD 30.9 billion in long-term repurchase agreements, and MAD 23.2 billion in long-term guaranteed loans.
On the interbank market, the average daily volume of exchanges was established at MAD 5.4 billion and the interbank rate was fixed during this period at 2% on average, added the same source.
During the call for tenders of October 19 (value date October 20), the Bank injected an amount of MAD 50.8 billion, added BAM.
On the stock market, the MASI dropped by 3% last week, bringing its underperformance to 15.3% since the beginning of the year.
This weekly change mainly reflects the 4.4% drop in the building and construction materials sector index and the 3.5% decline in the banking sector index.
In contrast, the beverages and oil and gas sectors rose by 4.7% and 0.5% respectively, added the same source.
The global volume of exchanges totaled MAD 585.6 million, up compared to MAD 367.1 million recorded a week earlier, further specified BAM.
On the central stock market, the average daily volume reached MAD 111.8, up compared to MAD 82.9 million recorded last week, according to the same source.
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