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Join on Telegram Rabat – The Moroccan dirham exhibited a surge against the US dollar and the euro during the week spanning from August 3-9, 2023, according to the latest data released by Bank Al-Maghrib (BAM).
The appreciation, which saw the dirham gain 0.57% against the dollar and 0.59% against the euro, has captured the attention of financial analysts and market observers.
Bank Al-Maghrib reported in its weekly indicators bulletin that no auction operations took place on the foreign exchange market during this period, adding to the intrigue surrounding the upward momentum of the dirham against major international currencies.
Official reserve assets as of August 4 were reported to be at 348.6 billion Moroccan dirhams ($35.2 billion), marking a 1.9% increase on a week-on-week basis and a substantial 5.3% growth on a year-on-year basis.
The figures suggest that Morocco’s financial position remains strong in the face of global economic challenges.
Throughout the week of August 3-9, Bank Al-Maghrib’s overall outstanding interventions totaled MAD 100.7 billion ($10.1billion).
These interventions encompassed several forms, including MAD 34.7 billion ($3.5 billion) in 7-day advances on tender, MAD 43.5 billion ($4.4 billion) in outstanding long-term repo transactions, and MAD 22.6 billion ($2.2 billion) in long-term guaranteed loans.
Read also: Moroccan Dirham Surges AGainst Dollar, Euro in June-July Period
In the interbank market, the average daily trading volume reached MAD 2.8 billion ($283.3 million), while the interbank rate maintained an average of 3%. Moreover, during the call for tenders on August 9, Bank Al-Maghrib injected MAD 33.6 billion ($ 3.4 billion) through 7-day advances.
Switching focus to the stock market, the Moroccan All Shares Index (MASI) experienced a 1.4% depreciation during the reviewed week.
The Central Bank attributed this decline to a 1.3% decrease in the banking sector indices, a 1.7% reduction in real estate investment trusts, and a 1.8% downturn in the agribusiness sector.
In contrast, the hardware, software, and computer services sectors demonstrated growth, with a notable 1.8% and 1% increase, respectively.
The overall volume of trade amounted to MAD 1.1 billion ($111.3 million), down from MAD 1.4 billion ($141.6 million) observed in the previous week.
On the central equity market, the average daily volume reached MAD 206.4 million ($20.8 million), a significant jump from the previous week’s MAD 130 million ($13.1 million)
