Rabat – Bank Al-Maghrib (BAM) reported this weekend that the Moroccan dirham appreciated by 0.15% against the US dollar and depreciated by 0.12% against the euro between October 14 and 18.
During the auctions to buy foreign currency on October 18, BAM withheld a total amount of $45 million, the equivalent of MAD 407.4 million, the bank said in its weekly indicators report.
As of October 15, the total stock of Morocco’s reserve assets stood at MAD 322.8 billion ($35 billion), a 0.3% increase on its weekly average and a 10% increase on its yearly average.
Morocco’s national bank injected a total of MAD 83.6 billion ($9.2 billion) into the economy between October 14 and 20.
The injected sum includes MAD 30.9 billion ($3.4 billion) in the form of 7-day advances following a round of tenders, and MAD 25.8 billion ($2.8 billion) invested to support financing programs of very small, and medium-sized enterprises.
As for the interbank market, the average trading volume between Moroccan banks reached MAD 3.2 billion ($353 million), marking a 1.5% increase on the annual average.
During a round of tenders on October 21, BAM indicated that MAD 29.8 billion ($3.2 billion) was injected in the form of 7-day advances.
Meanwhile, Casablanca’s stock exchange remained stable. The Moroccan All Shares Index (MASI) that tracks the stock exchange’s performance appreciated by 0.8% in the same period.
MASI evolution reflects the increases registered in different sectors such as banks and telecommunications that both gained 0.7% each.
Whereas the transport sector and utilities sectors recorded decreases of 0.4% and 4% respectively.
As for the overall volume of trade, it amounted to MAD 523.9 million ($57 billion) against MAD 619.7 ($68 billion) million a week earlier.
