Rabat – The Moroccan Dirham has remained virtually stable against the euro and rose by 1.52% against the US dollar over the period of December 14-20, according to Morocco’s central bank Bank Al-Maghrib’s (BAM) weekly bulletin.
Based on BAM’s figures, no auctions took place on the foreign exchange market during this period.
As of December 15, the same source added, official reserve assets (AOR) stood at MAD 363 billion ($36.6 billion), up by 1.5% week-on-week and 10.5% on a yearly basis.
BAM’s daily average intervention amounted to MAD 116.8 billion ($11.8 billion), divided between 7-day advances for MAD 46.7 billion ($4.7 billion), long-term repurchase agreements for MAD 41.6 billion ($4.2 billion), and secured loans for MAD 28.5 billion ($2.8 billion).
On the interbank market, the average daily trading volume was MAD 4.1 billion ($414 million) and the interbank rate averaged 3%.
In the December 20 tender, the bank injected MAD 52.7 billion ($5.3 billion) in the form of seven-day advances.
On the stock market, the Moroccan All Shares Index gained 1.1%, taking its year-to-date performance to 14.2%.
This weekly performance was mainly due to the 2.8% rise in the banking sector index, the 2.5% rise in the real estate sector index, and the 1.6% rise in the retail sector index.
Conversely, the indicators for the real estate investment trust and electricity sectors fell by 0.4% and 1.6% respectively.
Weekly trading volume rose from MAD 1.4 million ($141,000) to MAD 2.1 million ($212,000), including nearly MAD 600 million ($61 million) in connection with CFG Bank’s initial public offering.
Last month, the Moroccan dirham rose by 0.16% against the US dollar and decreased by 0.26% to the euro between November 16 and 22.
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