Moroccan Dirham Down 0.67% Against Euro, Up 0.93% Against Dollar

Rabat –  Bank Al-Maghrib, Morocco’s central bank, has said the dirham exchange rate depreciated by 0.67% against the Euro from June 4-10, but appreciated by 0.93% against the US dollar during the same period.

In its weekly indicators, the bank said no tender process took place in the exchange market. 

Morocco’s official reserve assets amounted to MAD 287.7 billion ($29.83 million) as of June 5. The number represents a decrease of 0.5% over a seven-day period but a 20.9% increase from the year before.

During the same period, Bank Al-Maghrib injected MAD 39.9 billion ($4.14 billion) in the form of seven-day advances during the call for tenders. 

The bank injected MAD 43.4 billion ($4.5 billion) in the form of repurchase transactions, MAD 21.1 billion ($2.19 billion) in the form of financial support to small and medium enterprises, in addition to other MAD 2.8 billion ($290.27 million). The total intervention from the bank reached MAD 107.2 billion ($11.11 billion).

The bank rate during this period stabilized at 2% on average, while the daily volume of exchanges recorded MAD 4.7 billion ($487.2 million).

The bank injected MAD 33 billion ($3.42 billion) in the form of seven-day advances during the call for tenders on June 10-11.

The bank also highlighted the stock market activities, stating that the Masi index decreased by 0.8%.

The index has recorded an overall 17.5% decline in performance since the beginning of 2020.

The weekly report reflects the sectoral indicators of construction and building materials dropping by 5.8%, communications by 0.9%, and banks by 0.7%.

The indices of the insurance, oil and, gas sectors increased by 3.6% each, the central bank added.

Bank al-Maghrib explained that the volume of exchanges amounted to MAD 1.1 billion ($114 million) compared to MAD 3.4 billion ($352.47 million) over the past week.

The average daily amount of exchanges completed in the central market for shares stabilized at MAD 213.6 million ($22.14 million) after 164.3 million ($17.03 million) the week prior.