Bank Al-Maghrib (BAM) reported that during the week of August 1 to August 7, 2024, the dirham remained nearly stable against the euro and appreciated by 0.81% against the US dollar.
In its weekly bulletin, BAM noted that no auction operations were conducted on the foreign exchange market during this period.
BAM also highlighted that official reserve holdings reached 366.4 billion dirhams (MMDH) on August 2, up 0.9% from the previous week and 5.1% year-on-year.
Regarding BAM’s interventions, they averaged 145 MMDH daily, divided among 7-day advances of 61.3 MMDH, longer-term repurchase agreements of 49.4 MMDH, and guaranteed loans of 34.3 MMDH.
In the interbank market, the average daily volume of exchanges was 1.8 MMDH, and the average interbank rate stood at 2.75%. During the auction on August 7 (with a value date of August 8), the Bank injected 57.4 MMDH in 7-day advances.
On the stock market, the MASI decreased by 1.5%, bringing its year-to-date performance to 14%. This weekly decline reflects decreases in the indices of the real estate sector by 5.9%, banks by 1.6%, and construction materials by 1.1%.
In contrast, the indices for the oil and gas sector and the pharmaceutical industry increased by 2.2% and 1.4%, respectively. The weekly trading volume rose from 867.3 million dirhams to 1.1 MMDH, primarily in the central market (Equity).
