Casablanca – The Moroccan Dirham (MAD) appreciated by 1.19% against Euro while it lost its value by 1.16% against the US dollar between August 17 and 24, according to recent data from Bank Al-Maghrib (BAM).
No foreign currency auctions were organized during this period, the Central Bank noted in its latest weekly bulletin.
Meanwhile, Morocco’s treasury reserve stood at MAD 333.8 billion ($31.5 billion) on August 19, down 0.9% week-on-week but up 10.9% year-on-year, BAM detailed.
During the same period, BAM’s outstanding interventions totaled MAD 105.3 billion ($9.9 billion).
This comprises MAD 39.5 billion ($3.7 billion) in 7-day tender offer advances, MAD 38.6 billion ($3.6 billion) in repurchase agreements, and MAD 27.1 billion ($2.5 billion) under the government’s program to promote the financing of very small, small, and medium-sized enterprises (SMEs).
Read also: Euro-Dollar Fluctuations: Is the Moroccan Dirham a Victim of Imported Inflation?
The average daily volume of trading on the interbank market was established at MAD 3 billion ($283 million), while the interbank rate averaged 1.50% throughout this period, according to BAM.
The Moroccan All Shares Index also gained 0.1% on the stock market, bringing its year-to-year underperformance to 8.8%, the Central Bank reported.
This weekly progression is primarily due to rises in the indices of the sectors of electricity (5.7%) and insurance (2.8%), BAM noted.
As for the overall trading volume, it stood at MAD 233.7 million ($22 million) compared to MAD 296.8 million ($28 million) a week earlier.
On the central equities market, the average daily volume amounted to MAD 46.7 million ($4.4 million) after MAD 49.3 million ($4.6 million).
