Change: The dirham appreciates against the euro

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Bank Al-Maghrib (BAM), said that during the period from March 18 to 24, the dirham appreciated by 0.56% against the euro and depreciated by 0.1% vis against the dollar.

In its latest bulletin of weekly indicators, BAM explained that during this period, no auction operations were carried out on the foreign exchange market.

As of March 18, 2021, the outstanding official reserve assets stood at MAD 307.7 billion (billion dirhams), up 0.1% from one week to the next and 23.8% in year-on-year, the same source specifies.

The overall outstanding amount of Bank Al-Maghrib interventions comes out at 72 billion dirhams, of which 26.8 billion dirhams in the form of 7-day advances on call for tenders, 15.9 billion dirhams in the form of repo operations delivered, 27, 7 billion dirhams within the framework of the financing support programs of the TPME and 1.6 billion dirhams in respect of foreign exchange swap operations.

On the interbank market, the average daily volume of trade stood at 3.1 billion dirhams and the interbank rate during this period stood at 1.5% on average.

During the call for tenders on March 24 (value date March 25), Bank Al-Maghrib injected an amount of MAD 28.6 billion in the form of 7-day advances.

On the stock market, the MASI fell 1.1%, reducing its performance since the start of the year to 1.3%. This weekly change is mainly due to the depreciation of sector indices for “banks” by 0.7%, “telecommunications” by 1.6% and “agrifood” by 2.7%.

Conversely, the indices of the “pharmaceutical industry” and “distributors” sectors rose 7.2% and 0.8%, respectively.

As for the overall volume of trade, it went from one week to another from 612.3 million dirhams (MDH) to 2.2 billion dirhams, including 1.5 billion dirhams traded on the block market. On the central equity market, the average daily volume reached 130.7 MDH after 98.3 MDH the previous week.


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