The dirham appreciates by 0.73% against the dollar

Heba Press/. Rabat

The Bank of Morocco indicated that the exchange rate of the dirham improved by 0.73% against the US dollar and decreased by 0.23% against the euro, during the period from August 15 to 21, 2024.

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 explains that as of August 16, the assets of official reserves amounted to 363.6 billion dirhams, recording a decrease of 0.3% from one week to the next and 3.4% on an annual basis.

On the other hand, the Bank of Morocco pumped, on a daily average, 144.8 billion dirhams, divided between 7-day advances amounting to 61.1 billion dirhams, and 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 3.2 billion dirhams, and the interbank rate reached 2.75% on average.

During the tender of August 22 (deadline August 22), the bank injected an amount of 63.2 billion dirhams in the form of advances for a period of 7 days.

As for the stock market, the “MASI” index increased by 0.7 percent, bringing its performance since the beginning of this year to 15.1 percent. This weekly development mainly reflects the development of indicators of the communication sectors, by 2.3 percent, and of the banking, construction and building materials sectors, by 0.6 percent.

On the other hand, indicators for the food agriculture and transport services sectors recorded declines of 0.5 percent and 1 percent, respectively.

Regarding the weekly trading volume, it increased from 455.7 million dirhams to 277.1 billion dirhams from one week to the next, which took place mainly at the Central Stock Exchange.