Rabat – According to statistics from Bank Al-Maghrib (BAM), Morocco’s central bank, the Moroccan dirham decreased by 0.91% versus the euro and was essentially unchanged against the US dollar between February 15 and 21.
BAM said in its weekly report that there were no foreign currency market auctions held during this time.
Official reserve assets were estimated to be MAD 357.6 billion ($35.6 billion) as of February 15, increasing 7.4% year over year and 0.8% week over week, according to the same source.
The total daily average of BAM’s interventions was MAD 122.1 billion ($12 billion), including guaranteed loans worth MAD 27.8 billion ($2.7 billion), long-term repurchase agreements worth MAD 48.2 billion ($4.8 billion), and 7-day advances for MAD 46.2 billion ($4.6 billion).
The average daily trading volume on the interbank market was MAD 1.9 billion, or $189 million, with an average interbank rate of 3%.
In addition, the Bank invested MAD 44.3 billion ($4.4 billion) in the February 21 tender (which is the value date of February 22) in the form of seven-day advances.
In terms of stock market performance, the Masimo Corp (MASI) increased by 1.6%, bringing its total return for the year to 7.2%. The 3.6% increase in the insurance, 3.4% increase in the agri-food, and 0.9% increase in the banking indices had the most impact on this week’s performance.
On the other hand, there was a 2.1% and 3.1% decline in the mining and electrical industries, respectively.
The central equities market saw the largest decline in weekly trading volume, from MAD 1.2 billion ($119 million) to MAD 1.1 billion ($109 million).
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