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Join on Telegram Rabat – In its weekly assessment, Morocco’s central bank, Bank Al-Maghrib, announced that the Moroccan dirham’s exchange rate decreased by 0.58% against the Euro and 2.06% against the dollar during the March 19-25 period.
Value of $1 stood at MAD 9.81 as of March 27.
Morocco’s central bank said that no tender process took place during the exchange market.
International reserves amounted to MAD 241.8 billion ($24.53 billion) as of March 20, registering a 0.1% increase from the week before and a 6.1% increase compared to the same period in 2019.
The bank said that it injected a total of MAD 95.1 million ($9.6 million) over a seven-day period based on a request proposal into the economy.
The bank also allocated MAD 2.3 billion ($233 million) to the national support program for small and medium enterprises. It also injected another MAD 4.1 billion ($416 million) with a total volume of MAD 101.5 billion ($10.3 billion) into the same program.
The bank rate during this period stabilized at 2% on average, while the daily volume of exchanges recorded MAD 5.5 billion ($558 million).
The bank also discussed stock market activities, stating that the Masi index increased by 10.1% but has overall recorded an 18.7% decline in performance since the beginning of the year.
The weekly development in the benchmark index mainly reflects the rises recorded in the sectoral indices of communications (14.4%), construction materials (9.9%), banks (9.8%), and the food industry (8.6 %).
