Bank Al-Maghrib: Moroccan Dirham Appreciated Against Dollar, Euro

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Bank Al-Maghrib: Moroccan Dirham Appreciated Against Dollar, Euro. Photo: MAP

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Rabat- Morocco central bank, Bank Al-Maghrib (BAM), has revealed that the Moroccan dirham appreciated by 0.91% against the euro and by 1.44% against the US dollar during the period from December 31, 2020, to January 6, 2021.

During this period, no auction operations were carried out on the foreign exchange market, reported BAM in its latest weekly indicators bulletin.

As of December 31, 2020, the outstanding official reserve assets stood at MAD 320.9 billion ($36.33 million) up 1.4% from one week to another and 26.7% year-on-year.

BAM injected during this period a total of MAD 89.2 billion ($24.28 million). 

This included MAD 44.7 billion ($12.16 million) in the form of 7-day advances on tenders, MAD 15.3 million ($1.73 million) in the form of repurchase agreements, MAD 24.3 million ($2.7 million) to support the financing of very small, small, and medium enterprises (SMEs) and MAD 5 million ($566.18 thousand) for foreign exchange swap operations.

On the interbank market, the average daily volume of exchanges stood at MAD 5.1 million ($577.51 thousand) and the interbank rate averaged 1.5% during this period. During the call for tenders of January 6, BAM injected an amount of MAD 36.5 million ($4.13 million) in the form of 7-day advances.

Meanwhile, the Moroccan All Shares Index (MASI) remained relatively stable. The weekly evolution notes increases in three sectors:  oil and gas by 7.5%, telecommunications by 0.6%, and mining by 4.2%.  While the shares of banks have decreased by 1.3%, buildings and construction materials by 0.5%, and food processing companies by 0.6%.

As for the overall volume of trade, it amounted to MAD 2.8 million ($317.06 thousand) after MAD 11.4 million ($1.29 million) a week earlier. On the central stock market, the average daily volume reached MAD 322 million ($36.46 million) against MAD 387.3 million ($43,85 million) last week.

Source: moroccoworldnews.com