Rabat – Morocco’s Central Bank, Bank AL-Maghrib, has indicated that the exchange rate of the Moroccan dirham rose by 0.87% against the euro and fell by 0.54% against the US dollar during the period from September 21 to 27 of this year.
In its weekly bulletin, the Central Bank noted that there were no tenders on the foreign exchange market during this time.
The bank also pointed out that as of September 22, official reserves stood at MAD 356.4 billion ($34.5 billion), up 0.2% week-on-week and down 5.8% year-on-year.
During the same period, BAM pumped out a total of MAD 98.3 billion ($9.5 billion) per day on average.
It was distributed between 7-day advances, amounting to MAD 31.9 billion ($3 billion), MAD 41.3 billion ($4 billion) in the form of long-term repurchase operations, and MAD 24.5 billion ($2.3 billion) of long-term guaranteed loans, in addition to 24-hour advances amounting to MAD 564 million ($54.6 million).
At the interbank market level, the average daily trading volume reached MAD 5 billion ($484.3 million), while the average interbank rate reached 3%.
Read also: Moroccan Dirham Continues Upwards Trend, Surges Against US Dollar
Meanwhile, BAM pumped an amount of MAD 43.2 billion ($4.1 billion) in the form of 7-day advances during the September 27 tender, which is set to mature on October 2.
On the stock market, the MASI index rose by 0.7%, bringing its performance since the beginning of the year to 10.6%.
This weekly development mainly reflects an increase in the indices of the “Real Estate Employment Companies” sectors by 2.5%, “Construction and Building Materials” by 2.3%, and “Banks” by 1.6%.
On the other hand, indicators related to the mining and agrifood sectors recorded a decrease of 5.9% and 1.5%, respectively.
As for the total volume of exchanges, it amounted to MAD 956.2 million ($92.6 million), compared to MAD 594.8 million ($57.6 million) during the previous week.
Meanwhile, the average daily trading volume in the central stock market reached MAD 237.3 million ($22.9 million), compared to MAD 118.9 million ($11.5 million) a week ago.
