The value of Morocco’s dirham has strengthened by 0.84 percent against the euro and 0.30 against the US dollar.
While disclosing this in its weekly indicators for the period between August 6 and 12, Bank Al-Maghrib stated that no bidding operation has taken place in the exchange market.
As of August 7, official reserve assets stood at 291.5 billion dirhams, down 0.4 percent from one week to the next and up 23.8 percent in year-over-year.
The central bank said it pumped a total of 124.5 billion dirhams, including 45.6 billion dirhams ($12.45 billion) in the form of seven-day advances on call for tenders, 44 billion dirhams ($4.4 billion) in the form of repo transactions, 31.8 billion dirhams ($3.18 billion) for the financing support program for the TPME and three billion dirhams ($300 million) for foreign exchange swap operations.
In regards to the interbank market, the daily volume of exchanges stood at 3.7 billion dirhams ($370 million), and the interbank rate was stable during the period at 1.5 percent on average.
BAM also said it pumped 40.3 billion dirhams ($4.03 billion) in seven-day advances during the requests for bids on August 12 (due date August 13).
“On the stock market, the Moroccan All Shares Index (MASI) rose 0.9 percent, bringing its poor performance since early 2020 to 15.6 percent,” BAM said.
This reflects, in particular, the increase in the banks sector indices by 2.9 percent and the telecommunications sector by 0.6 percent.
Meanwhile, the indices for the agri-food and construction and construction materials sectors fell by 0.7 percent and 0.4 percent, respectively.
The total volume of exchanges amounted to 241.5 million dirhams ($24.15 million) compared to 97.9 million dirhams ($9.79 million) a week earlier, BAM noted.
The average daily amount of exchanges performed in the central stock market settled at 48.3 million dirhams ($4.83 million dollars), compared to 32.6 million dirhams ($3.26 million) a week earlier.
Source: News Agency
