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Rabat – Morocco’s central bank, Bank Al Maghrib (BAM), has announced that the dirham exchange rate appreciated by 0.87% against the dollar, but depreciated against the Euro by 0.51% from August 13-19.
In a recent notice, the bank also announced that Morocco’s reserve assets stood at MAD 289 billion ($28.9 billion) on August 13. The number represents a drop of 0.8% over a seven-day period, and an increase of 22.4% year-on-year.
BAM also injected a total of MAD 119.2 billion (over $11.9 billion), including MAD 40.3 billion ($4 billion) in the form of seven-day advances on calls for tenders, and another MAD 44 billion ($4.4) in the form of repurchase transactions.
The total also includes MAD 3 billion for foreign exchange swap operations.
The daily trade volume stood at MAD 4.7 billion ($470 million) for the interbank market, while the interbank rate was 1.5% on average on the stock market.
The MASI index recorded an increase of 0.2%, bringing its poor performance since the start of the year to 15.4%.
Earlier this month, BAM also reported the drop of dirham by 0.41% against the Euro and its increase by 1.02 % against the US dollar between July 23-29.
During the same period, official reserves stood at MAD 293 billion, representing an increase of 25.2% year-on-year.
