The dirham appreciates by 0.25% against the dollar

Heba Presse/. Economic section

The Bank of Morocco reported that the exchange rate of the dirham against the euro increased by 0.12 percent and by 0.25 percent against the US dollar, during the period from August 8 to 14 of this month.

The Bank of Morocco explained in its weekly bulletin that no tender procedure was conducted on the foreign exchange market during this period.

The same source specifies that as of August 9, 2024, official reserve assets amounted to 364.7 billion dirhams, recording a decrease of 0.5% from one week to the next and an increase of 4% on an annual basis.

The Bank of Morocco pumped, on a daily average, 141 billion dirhams. It is divided between 7-day advances amounting to 57.4 billion dirhams, long-term repo operations and guaranteed loans equivalent to 49.4 billion dirhams and 34.3 billion dirhams respectively.

At the interbank market level, the average daily trading volume reached 3 billion dirhams, while the interbank rate reached 2.75% on average.

During the tender of August 15 (deadline August 15), the bank injected an amount of 61.1 billion dirhams in the form of advances for a period of 7 days.

As for the stock market, the “MASI” index increased by 0.3 percent, bringing its performance since the beginning of this year to 14.3 percent. This weekly development mainly reflects an increase in the indices of the metal sector by 2.9 percent, the insurance sector by 1.7 percent and the food industry by 1 percent.

In contrast, the indicators for the “oil and gas” and “pharmaceutical industry” sectors recorded a decrease of 2.8 percent and 1.2 percent, respectively.

Regarding the weekly trading volume, it decreased from one week to the next, from 1.1 billion dirhams to 455.7 million dirhams, which were mainly carried out on the Central Stock Exchange.