The country’s interbank rate stood at 1.5% on average.
Morocco’s Central Bank, Bank Al-Maghrib (BAM) has announced that the Moroccan dirham has appreciated by 0.56% against the Euro and depreciated by 0.1% against the dollar during the week of March 18-24.
During the same period, no auction operations were carried out on the foreign exchange market, according to Bank Al-Maghrib’s weekly indicators bulletin.
The country’s official currency reserves totaled MAD 307.7 billion ($34 billion) up to March 18, 2021, recording a 0.1% increase on a weekly comparison and a 23.8% increase on a year-to-year basis.
The total Outstanding Amount of BAM’s interventions stands at MAD 72 billion ($7.9 billion), of which MAD 26.8 billion ($2.9 billion) in the form of seven-day advances on call for tenders, an additional MAD 15.9 billion ($1.7 billion) in the form of repo operations, MAD 27.7 billion ($3 billion) within the frame of providing financial support to small and medium-sized enterprises (SMEs), and MAD 1.6 billion ($176 million) for foreign exchange swap operations.
On the level of the interbank market, the average daily volume of trade stood at MAD 3.1 billion ($342 million) and the rate stood at 1.5% during the same period.
During the call for tenders on March 24 (value date March 25), Bank Al-Maghrib included MAD 28.6 billion ($3.1 billion) in the form of seven-day advances.
On the stock market, the MASI fell 1.1%, a decrease of 1.3% since the start of the year. This is mainly due to the depreciation of sector indices for banks by 0.7%, telecommunications by 1.6%, and agrifood by 2.7%.
Meanwhile, the indices for 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 the next from MAD 612.3 million ($67.6 million) to MAD 2.2 billion ($243 million), of which MAD 1.5 billion ($165 million) traded on the block market.
On the central equity market, the average daily volume reached MAD 130.7 million ($14.4 million) for the same period up from MAD 98.3 million a week earlier.