Moroccan dirham rises against Euro, drops against US Dollar, BAM
The Moroccan dirham rose by 0.59% against the euro and dropped by 0.66% against the US dollar during the period from October 27 to 2 November 2022, according to Bank Al-Maghrib (BAM).
During this period, no auctions were conducted on the foreign exchange market, added the central bank in its recent weekly bulletin.
As of 28 October 2022, official reserve assets reached MAD 339.7 billion, up by 0.6% week-on-week and by 5.2% year-on-year, said BAM.
During the same period, the total outstanding amount of BAM’s interventions totaled MAD 100.9 billion, including MAD 42.9 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 established at MAD 3.9 billion and the interbank rate was fixed during this period at 2% on average, added the same source.
During the call for tenders of November 2 (value date November 3), the Bank pumped an amount of MAD 50 billion in the form of advances at 7 days
On the stock market, the MASI recorded a rise of 1.1%, bringing its underperformance since the beginning of the year to 18.7%.
This weekly evolution mainly reflects the appreciation of the banking sector index by 3%, the transport services sector by 2.9% and the agri-food sector by 1.2%. In contrast, the chemical and beverage sectors fell by 7.4% and 3.1% respectively.
During the same period, the global volume of exchanges amounted to MAD 5.1 billion, up compared to MAD 396.5 million recorded one week earlier.
On the central equity market, the average daily volume reached MAD 88.2 million, up compared to MAD 54.5 million, while the transactions operated on the block market totalld MAD 4.7 million, according to the same source.
