Rabat - Net international reserves amounted to MAD 205.9 billion as of June 30, 2017, down 14.6 percent from the same period a year earlier, according to Bank Al Maghrib (BAM).
Rabat – Net international reserves amounted to MAD 205.9 billion as of June 30, 2017, down 14.6 percent from the same period a year earlier, according to Bank Al Maghrib (BAM).
From one week to the next, foreign currency reserves declined by 0.8 percent, says BAM, which recently published its weekly indicators of the week from June 29 to July 5, 2017.
During this period, the total amount of BAM’s interventions amounted to MAD 68.3 billion, 63.1 billion of which was injected in the form of seven-day advances on invitation to tender. An amount of 4.5 billion was granted under the support program for the financing of the SMEs, reports Maghreb Arab Press.
The Moroccan Central Bank carried out 24-hour advances with a total amount of MAD 696 million. The interbank rate stood at 2.33 percent, while trade volume fell from MAD 8.4 to 5.4 billion, BAM said.
At the July 5 call for tenders, Bank Al-Maghrib injected MAD 62 billion in seven-day advances.
On the stock market, the Moroccan All Shares Index rose 0.5 percent, bringing its performance to 4 percent since the beginning of the year, according to the central bank, which explains this development mainly by increases in the sectoral indices of agri-food activities by 5.9 percent, construction and building materials by 1.3 percent, and oil and gas by 4.5 percent.
On the other hand, the value of the telecommunications sector index decreased by 1.4 percent, adds the same source.
Transactions rose to MAD 1.5 billion after recording MAD 820.5 million a week before, totaling a MAD 940.8 million increase that was realized on the central equity market. Regarding the pace of growth of M3, last May saw an increase of 0.1 percent, mainly reflecting the 0.4 percent increase in bank credit, BAM said.
The central bank also noted that international reserves fell by 6.1 percent while net receivables declined by 3.7 percent. In the same week, the dirham appreciated by 0.16 percent against the euro and depreciated by 0.25 percent against the dollar, BAM notes.