Bank Al Maghrib: Moroccan Dirham Appreciated Against Euro By 0.62%

Rabat – Bank Al Maghrib has reported that the Moroccan dirham appreciated by 0.62% against the euro but depreciated against the dollar by 0.42% during the period from October 22-28.

Official reserve assets stood at MAD 293.7 billion ($31.8 billion) as of October 23, representing an increase of 0.1% over a one week period.

Year-on-year, Morocco’s reserve assets are up 23.1%.

The central bank injected a total of MAD 104.1 billion ($11.3 billion), of which MAD 40.2 billion ($4.4 billion) came in the form of seven-day advances following a call for tenders.

Bank Al Maghrib injected approximately MAD 26.5 billion ($2.9 billion) of the total assets in the form of repo transactions, and MAD 31.9 billion ($3.5 billion) was part of the financing support program for small and medium enterprises.

The central bank injected around MAD 5.3 billion ($574 million) in respect of foreign exchange swap operations, Bank Al Maghrib said.

The average daily volume of trade stood at MAD 5.7 billion ($617 million) during the period from October 22-27 in the interbank market.

The interbank rate stood at 1.5% on average during the same period.

MASI appreciated by 1.1% in the stock market, reducing its underperformance since the start of the year to 14.2%.