The Moroccan dirham dropped by 1.73% against the euro and rose by 1.89% against the US dollar during the period from November 10 to 16, 2022, according to Bank Al-Maghrib (BAM).
During this period, no auctions were held in the foreign exchange market, added the central bank in its recent weekly bulletin.
As of November 11, 2022, official reserve assets reached MAD 341.2 billion, up 0.4% week-on-week and 6.1% year-on-year, BAM continued.
During the same period, BAM’s total outstanding interventions amounted to MAD 104.8 billion, including MAD 46.8 billion in the form of 7-day advances on call for tenders, MAD 31 billion in long-term repurchase agreements, and MAD 26.9 billion in long-term guaranteed loans.
On the interbank market, the average daily volume of exchanges was set at MAD 2.1 billion and the interbank rate was fixed during this period at 2% on average, said BAM, noting that during the tender of 16 November (value date 17 November), the Bank pumped an amount of MAD 32.1 billion in the form of 7-day advances.
On the stock market, the Masi decreased by 0.3%, bringing its counter-performance since the beginning of the year to 20.5%, said the Central Bank.
The weekly change mainly reflects the decreases in the indices of the food-processing sector by 3.4%, oil and gas by 2.2% and distributors by 1.5%.
On the other hand, the telecommunications sector index and the banking sector index rose by 1.3% and 0.4% respectively.
The overall volume of trade totaled MAD 699.1 million, up compared to MAD 361.6 million recorded a week earlier, according to the same source.
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